Posted by Blane (MI) on March 20, 2000 at 14:24:37:
Hey Phil,
Sure did enjoy meeting you and sharing numerous beers at the convention. Nice cash flow too! After all I learned from you and a lot of others, next year’s convention beer(s) should be on me. Keep up the good work!
Blane
10 days to go - Posted by Lonnie
Posted by Lonnie on March 20, 2000 at 13:02:29:
A lot of hands went up at CRE Convention when I asked how many would do a deal by March 31st. I?ve seen several deals posted, but there should be a lot more.
If you haven?t done a deal yet, you still have plenty of time left. If you have, let?s hear about it. It can be any kind of an income producing deal, something that puts cash in your pocket and/or a monthly check in your mail box. So do a deal. You?ll be glad yoo did.
Best wishes,
Lonnie
P.S. I?m doing mine this afternoon…another MH lot and the MH.
Re: 10 days to go…OK…you asked…I tell… - Posted by JohnB_NJ
Posted by JohnB_NJ on March 20, 2000 at 21:59:11:
Ok,
March has been interesting…to say the least…
I purchased a 3bd, 1bath ranch for 43k. Needs paint and carpets and will be worth 75k. I will keep this one for a 225/month +CF. Closing is next week.
I sold my “subject to” deal and made a 17k profit. In and out of that deal in just under 2 months.
Signed up a Sandwich Lease/option this week. This will net $125/week, 2500 to 3k up front and 7k on the back end. Nice ranch.
And the big deal of the day is a water front junker for 50k…I have a buyer lined up for 80k. Now, I don’t want to go into detail because I meet with the seller in two days to write it up. She is highly motivated and my fingers are crossed for this deal.
My final deal is an out of state owner who’s house was trashed by the tenants and is in tax foreclosure. She just wants out. This deal is too new to even put down the numbers…I will let you all know at a later date.
Yes, it has been a busy month. I hope you all have been going as crazy as I have been.
Take care and thanks, Lonnie for the challenge. Oh, btw, I haven’t scored a MH deal yet but I still ride the speed bumps every few weeks around 3 local parks.
Sincerely,
JohnB_NJ
Since You Asked… - Posted by B.L.Renfrow
Posted by B.L.Renfrow on March 20, 2000 at 21:55:21:
…here are a couple:
Bought a '78 MH for $2800. Unfortunately, had to put about $3500 in repairs into it and carry the lot rent for 2 months:-( But…SOLD on a 44 month note for $13,500 with $3k downpayment.
Just today got an option on a SFR executive-type home for mortgage balance, around $105k. FMV around $125k. Problem is, seller has 3 mortgages on the place and payments are way out of line for subject-to, but should be able to do the owner-financing & note sale thing pretty easily on this one.
Oh yeah…got a sandwich L/O now 4 months into a 12 month term. Cash flow is $150/month, T/Ber put up $1500 option consideration (took a note for most of it…which they paid off early!!) Back end profit around $10k…just got notice they want to exercise…and they are QUALIFIED!!
Guess that was three…got carried away!
Brian (NY)
Re: 10 days to go - Posted by Tarun_md
Posted by Tarun_md on March 20, 2000 at 20:47:28:
I completed a sandwich lease option deal the very first day after coming back from the cre convention.
I offered:
110k option price
1000 monthly rent
3 year option
Gave the sellers NOTHING upfront.
I sold to tenant buyer for:
127k option price
$1100 monthly rent
Got almost 7k option consideration.
Results:
7k upfront profit to me
100/month positive cash flow
10k profit in the back end if my tenant/buyers exercise
Happy investing
Tarun Saighal from Maryland
Here Ya Go, Drought’s Over, Baby! - Posted by TRandle
Posted by TRandle on March 20, 2000 at 20:42:05:
Lonnie,
We’ve been experiencing a drought, but learning a little each time as we lose another deal. On Thursday we close on our first “subject to/land trust” deal which will be fun as I train myself and the title company how to do this. FMV is 112k and the seller’s debt at 100k, but for $500 moving money out of pocket, it should net $175 per month with no liability and I get to learn the mechanics. Unfortunately, our buyers list dried up since we went without inventory for so long, but we’ll get someone in there with CASH!
Deal 2 is a sandwich L/O where we will probably net $150 per month. Strike price is the loan balance (which is currently 91.5k) on a FMV of 98k. But, I imagine that SOMETIME during the next 25 RENEWAL PERIODS, I can find a way to make a buck on it.
My wife has deal 3 related to a small 2 BR/2BA house, which we have under contract for about 20k less than FMV, but I shouldn’t spoil her success story if it works out.
I was going to wait to see if we could rack up another deal or two by the 31st, but since you baited me, I had to respond! Hope all is well with you. Thanks for the challenge…
Re: 10 days to go - Posted by Rick
Posted by Rick on March 20, 2000 at 19:52:36:
Lonnie and everyone-
We were disappointed that, upon returning from the convention, a buyer with $3000 to put down on a MH was rejected from the park he was applying to to buy our home.
We were able to find him a nice place for $3500 (cost to us) and sold for $6500, $3000 down.
Our yield: Just shy of 550%.
It was amazing how the bad news led to another, even better deal!
There’s my March Lonnie deal. Who else is out there?
Re: 10 days to go - Posted by phil fernandez
Posted by phil fernandez on March 20, 2000 at 13:18:00:
Got a bank REO duplex for $52,500. Newly painted, excellent condition. FMV about $85,000.
May flip it retail or hold. Rents are $700 each side.
Positive cashflow after mortgage and expenses about $675/ month. ( good enough for next year’s convention beer money ).
And they say I’m lazy and in my comfort zone. LOL.
Re: 10 days to go…OK…you asked…I tell… - Posted by Tarun_md
Posted by Tarun_md on March 21, 2000 at 21:22:31:
John,
YOU ARE THE MAN! Good going.
Awesome John, good to hear of a fellow Jerseyan kicking A$$! (nt) - Posted by Ben (NJ)
Posted by Ben (NJ) on March 21, 2000 at 11:34:42:
nt