HELP, POSSOIBLE FIRST DEAL - Posted by RLK

Real Estate Investing
#1

Posted by dave on December 29, 2000 at 23:47:29:

have property appraasied with the inprovents that u are going to make . inflate the rehab of coarse and give the list of rehab to bank who return will give to apprasier , then borroww 75-80% of apprasied value. do your rehab but be modest, any money left over is tax free
hope this helps

#2

HELP, POSSOIBLE FIRST DEAL - Posted by RLK

Posted by RLK on December 25, 2000 at 13:02:14:

ARV= 95K-100K / RECENT APPRAISAL FOR 107,000 IN OCTOBER 2000
TOTAL UNPAID BALANCE=76,500
TOTAL ARREARS= $5000 BEFORE THE END OF THE YEAR
OWNER WANTS =$5000-1500(BACK TAXES)=$3500
REPAIR=$2000-$3000

ARE THE NUMBERS HERE TO MAKE THE LOAN CURRENT PAY HER $3500 AND REPAIR THE HOME AND SALE TO THE CURRENT TENATNS.

SELLER WAS TWO HOMES GOING INTO FORECLOSURE.

FORECLOSURE IS IN FEBRUARY.

1ST HOME (THE ONE I’M REALLY INTERESTED IN)

  1. UNPAID PRINCIPAL BALANCE IS 76,500
  2. TOTAL ARREARS TO PAY BEFORE END OF DECEMBER IS $5000
  3. CUSTOMER IS ASKING $5000 FOR THE PROPERTY AND THEN SHE WILL DEED IT OVER -MINUS- DELINQUENT PROPERTY TAXES OF $1500
  4. THERE ARE CURRENT TENANTS IN THE PROPERTY, WITH LEASE TO END IN JANUARY.
  5. COMPS ARE 95-100K IN THE NEIGHBORHOOD, EVEN THOUGH THE OWNER SAID SHE DID AN APPRAISAL IN OCTOBER FOR 107,000.

WHAT ARE SOME SUGGESTIONS FOR WORKING THIS PROPERTY.

  • THE CURRENT TENTANTS ALSO STATED THAT THEY WERE INTERESTED IN
    BUYING THE PROPERTY AT THE 107,000 APPRAISED VALUE.

NEED HELP QUICK