Posted by Robert (NC) on January 31, 2002 at 20:39:25:
Gamit,
I’ve been reading your postings…
It is in Louisburg… Realtor I had been working with called me up and said he just had this house fall in his lap through another deal he had been closing.
so to help the othe rpeople close on the house they just had built he agreed to move it with NO commission. So he got his other deal closed, called me and said go take a look if you don’t want it I’ll call the next investor on my list, but this house fits the criteria you have been using…
This morning we were told everything was accepted and they had some legal stuff to finish up (title check) and would fax me the paper work to sign… other party has already signed the paper work…
Started mortgage talks this morning…
anyway, I’m in Creedmoor…
do you know the date of the next TREIA meeting ? 3rd tuesday in Feb right ?
First Deal, Not creative. but 15k below FMV - Posted by Robert (NC)
Posted by Robert (NC) on January 31, 2002 at 20:28:45:
Ok,
Got first deal accepted. Pending my inside inspection, termite inspection, etc…
3bed/2bath, 1300 square foot… county setting in small town, .25 miles from a small 4 year college…
Got it for 67K, tax value 72K, appraised value 84k-90k (Realtor appriased, offical appraisel will be done soon other homes in area recently sold for 85k to 90k)…
Area rents are 700 to 850…
Owners had another house built in another town, moved in without selling (they had listed for 90k), just wanted out of mortgage payment, not interested in Lease/Option… so selling for mortgage pay-off…
I have my choice of loan products… from 15 year 15% down, to 30 year 5% down callable in 15 years with NO PMI on either product…
Right now we can’t decide if we want to rent it (might rent if section 8 area rents are on the high end of 850) or offer to sell via Lease/Option.
We figure the 5% down is the best way to go.
Not creative, but instant 15K + downpayment equity…