Posted by tracy thompson on December 29, 2000 at 15:59:03:
Ed, if you only have 500.00 to lose then what could possibly be stopping you from getting it under contract? If you can’t close or flip then you are out only 500!! And why can’t you get this measley loan?
Please help with ideas… - Posted by Ed Ortiz
Posted by Ed Ortiz on December 28, 2000 at 19:27:47:
I have the opportunity of obtaining a great deal on a REO property. It was listed with a R.E. broker for 34k a couple of months ago. Last week it was down to 20k and this week its down to 17k. FMV of the 3/2 home is between 40k and 45k after about 2 to 3K worth of repairs. Comp.homes in the area rent for about 600/650 a month. The Bank has already put new carpet and paint in the property and all thats left are minor repairs.
I’ve lived in the area for 8 years and done some deals the traditional way but in this case it seems that something more creative is going to have to be done. My question is this: Should I get this property under contract for let’s say 30 days with 500 earnest money deposit and then try to find the money?? Or should I try something else in this case. I would really like to hear all your comments. Any ideas to include suggestions on financing for this deal would be greatly appreciated.
Thanks,
Ed Ortiz
ibuyhomes2@hotmail.com
Re: Please help with ideas… - Posted by JPiper
Posted by JPiper on December 29, 2000 at 24:21:31:
I’d want to get this under contract immediately, with a quick close. You should be able to get a hard money loan for the purchase at that LTV if your numbers are right. $600 per month on a $20K investment? Sweet.
JPiper
Re: Please help with ideas… - Posted by BillW.
Posted by BillW. on December 28, 2000 at 22:36:18:
Ed, Do you have the credit to close on this deal?
Why not have the bank finance it and also give you the 3k to do repairs?
Seems like they’re trying to move it before year end.
Move fast-only 1 day left.
BillW.
Re: Please help with ideas… - Posted by Ed Ortiz
Posted by Ed Ortiz on December 28, 2000 at 22:56:02:
I know it seems like they do want to get this want off their books. The problem is that I don’t have bank or any other finance available to do it at this moment. I’m thinking I might wan’t to tie it up for thirty days and see how much money I can find. But what if I can’t find any. I do have the credit to fix it up though.
Thanks for your response,
Ed Ortiz