Florida Deal I Found, Need Help Putting Together - Posted by Florida Kid

Posted by Lightwalker on April 10, 2008 at 18:05:53:

You should always have your $ lined up before you go into a deal. You should also have key people on your “team”, namely a good RE Attorney…

  1. Most investors I know get paperwork from courses that they’ve purchased, RE Agents, or there Attorneys…

  2. I would with out a doubt… Get a contract signed first.

  3. Are you buying Subj To, or are you using a HML. You definitely need to understand just what a Subj To is. Search the archives… tons of posts on Subj to.

  4. I would do this in reverse, but yes, you could do it this way.

  5. Call a local RE Attorney who deals with investors… You can find them at your local REIA.

Florida Deal I Found, Need Help Putting Together - Posted by Florida Kid

Posted by Florida Kid on April 10, 2008 at 13:19:28:

Ive Always Been On This Forum Reading /Learning And This Would Be The 1st Deal I Found and Need Help Putting Together.

Its a Duplex - Comps are $120k
Sale Price $20k

The Inside Of The Duplex is VERY VERY NICE, The Outside Needs About $10k Worth of work

  1. Where Can I Get A Contract so I Can Lock Up the Property

  2. Do I Have The Home INSPECTED 1st ?

  3. Do I Put In The Contract “Subject To Financing” ?

  4. Do I Get The Contract signed 1st , Then Seek PRIVATE MONEY / HARD MONEY

  5. How Much Can I Expect to pay for closing on a house for $20k

Once Fixed Am Assuming The Mortgage Will Be Around ($300-$400) a month.

I Plan On Renting One Side of the Duplex at ($300-$400_ also … And I’ll be Living On One Side “RENT FREE”

PLEASE HELP, This is my 1st deal and I Know I Can Do this,

Any Other Advice is appreciated.

Re: Florida Deal I Found, Need Help - Posted by thutch fl

Posted by thutch fl on April 11, 2008 at 06:12:43:

You can use my contract www.ibuyhomes.com/contract

Get it under contract and then figure out the rest. I doubt there is any financing on the house so sub to probably is not a concern.

Don’t have it inspected unless they sign the contract. You will not be able to get hard money if you plan on living in the property. It would have to be private money.
Your closing costs would be very, very low unless you have to pay a lot for points on your loan. Probably around $1,200 total.
Your monthly payment would be more for taxes and insurance than the payment so it all depends on those amounts.

Hope this helps
Go Gators