Andrew Ikeda 0 Report post Posted May 7, 2009 Greetings Everyone, I am trying to put together a deal together for a quick flip and am looking for a partner for this deal. An executive summary is available upon request. Pictures of the property will also be available shortly. Here's a brief description: 2929 NW Conrad Ct, Camas, WA 98607 3/2.5 SFR built: 2002 2,835 sf .19acre lot This is a house going to auction on Wednesday, May 27, 2009 at 6:45 pm at the property site. I've got a realtor on it who thinks she can sell it within 60 days for our planned selling price. We plan to bid up to $250,000 at auction. If successful, we'll turn around and sell for at least $325,000. The assessed value is at $468,700 but we're going to take off 30% to be on the conservative side, so that leaves us with our assessed value of $328,000. We're leaving some money on the table in order to move this property quickly and avoid holding costs. My power team and I are aware of the importance of a strong exit strategy, which is why we're willing to compensate fairly while at the same time, leave the buyer some equity. I'll need a full $250,000, which makes it an LTV of 53% based on the $468,700 assessed value or 76% based on our assessed value of $ 328,000. The fees and expenses are estimated as follows: Closing costs including Realtor Commission : $32,500 (10% of sales price) Fix up: $10,000 42,500 325,000 - 42,500 costs = 282,500 - 250,000 loan amount = 32,500 Partner/Investor to get $30,000 and I get $2,500 for the bird dog and other grunt work. We'll have comps by this weekend and I'll have pics later today. If you are interested, please contact me: Andrew Ikeda email: andrew.ikeda@yahoo.com Phone: 360-225-0805 (If no answer, please leave msg with name and contact number and email please) Thank you very much for your time and consideration. Sincerely, Andrew Share this post Link to post Share on other sites
Andrew Ikeda 0 Report post Posted May 13, 2009 Hey Everyone, Scratch this deal. I'm moving on to other deals. Thanks for your consideration. Andrew Share this post Link to post Share on other sites
<Steve> 82 Report post Posted May 14, 2009 Scratch this deal. I'm moving on to other deals. Thanks for your consideration.Andrew, what about deals with option "considerations"? Share this post Link to post Share on other sites