Getting first deal done...Need help.. - Posted by Sandeep

Posted by M.osterman on May 17, 2006 at 11:29:43:

That’s my neck of the woods. Great job on finding this deal. I have money if you need it.

If it needs more work…how much are we looking at?
10, 20, 30k? You could always wrap it up in a contract and sell it as-is. Just a thought.

But here’s how I would approach it.
8k rears
25k to buy
1700 holding cost…how long to hold, fix and flip…marketing time takes longer now…more inventory so say 5 months.
Selling costs? figure 10%


Oh…do you want a profit?


Getting first deal done…Need help… - Posted by Sandeep

Posted by Sandeep on May 17, 2006 at 08:45:07:

This is my first transaction in the Real Estate. After doing lot of advertising at last I found one and below are the details. I don’t know how to proceed, where to get money, should I go for this or not. Below are the details I am working on it.

About the House:
3 Bedroom, 2 Bathroom
Built 1964, Nice neighborhood, A mile away to middle school.
Location : Fairfield, CA
Sq Feet: 1322 as listed but owner put one extra room so little more than that.

Mortgage info:
Total Mortgage is: $332739.67
Prepayment Penalty: $7989
Monthy Payment: 1695
Above all Owner asking for another 25 K if possible , which we can reduce it or waive it off i
Comps Analysis:
Recent market analysis shows the 3/2 bedroom/bath sold at around 400K to 430K in that area.

Situation of owner:
Owner is in very tight situation and desparate to sell.The Story goes like this, he was renovating the house , and he ran out of money. So he decided to sell it off or get rid of it. I visited the house myself it is really a kind of mess. No Paint, carpet needs to be changed, no switches, Heat and AC has to be installed (I think not sure). It is stopped in the middle of renovation. No appliances like refrigrator,dishwasher or gas stove is there.

I don’t know how to proceed from here, to renovate the house, well I am new i can’t really say what figures we are talking about here. But it is stopped in the middle of renovation.
I am not sure what will be best approach to close this deal, as I don’t have any hard money lender or somebody who can help me.

If interested please do let me know ASAP. Looking forward to it.

NO DEAL - Posted by jason

Posted by jason on May 17, 2006 at 15:55:32:


Re: Getting first deal done…Need help… - Posted by Berno

Posted by Berno on May 17, 2006 at 15:35:23:

Seems WAY too slim. For that much risk (350k) you are staring at very little reward (30k?). PLUS the trouble of fixing it up and setting on it. If the market falls a bit, you have yourself one expensive lesson!

Re: Getting first deal done…Need help… - Posted by Joan

Posted by Joan on May 17, 2006 at 12:30:10:

Is the mortgage assumable?