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