Sweet Deal!!! - Posted by Jonathan Mednick

Real Estate Investing
1

Posted by Jonathan Mednick on October 27, 2003 at 18:24:13:

Check out First American Real Estate Solutions. The software is called REAP. $129/per month per county anywhere in the US.

Best,

Jonathan

2

Sweet Deal!!! - Posted by Jonathan Mednick

Posted by Jonathan Mednick on October 27, 2003 at 08:37:51:

Hi all,

Just wanted to let you know of my latest deal. I recently completed a short sale on a property. Judgement on the property was $144,000 and the bank agreed to net $103K. Flipped $3K to the homeowner who was happy I got them out of foreclosure. Took me two months to renovate it. With closing in/out and holding costs, I am into it for about $133K. Just had the house appraised at $190K.

Took out an equity line of credit secured by real estate with Bank of America at 4%. Bank gave me 95% of the appraised value - $180K. I have a credit score over 700 and have done biz with the bank before which was why they were generous. It’s an interest-only loan for 10 years.

My payments are about $1200/month.

  • $57K sitting in the bank for other deals right now.
  • Got it rented for $1500/month which gives me $300/month cash.
  • Will hopefully sell it in two years for around $204-210K.

I love short sales but it takes me about 3-4 months to complete and there is a lot of paperwork involved.

A lot of folks ask me how I find out about foreclosures. I get the list from the county courthouse via their Web site, check the numbers on mortgage software, check it on the MLS and if the numbers make sense, I plot my route on Mapquest.com then hit 7-10 properties each day, six days a week. Yes, I knock on doors. I average about 60-80 homes per week. People are usually nice about it and when they let me in to discuss their situations, chances are very good that I will get the property.

Best,

Jonathan

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Re: Sweet Deal!!! - Posted by KB

Posted by KB on October 27, 2003 at 17:17:48:

I too would like to know what mortg. software you use. Thanks!

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Re: Sweet Deal!!! - Posted by Jonathan Mednick

Posted by Jonathan Mednick on October 29, 2003 at 08:54:26:

I found the link. Go to http://www.firstamres.com/html/downloads.html and download REAP Web Access. Call the 800 number for more details. I pay $129/month for each county I use. They are nationwide and provide really good info on the mortage history, comps, tax rolls, etc.

Best,

Jonathan