DEAL?

[younginvestor]

Investor Price: 38,000
work needed 7k
Comps: $83-91k Range
2 bd. 1 ba. 1 each side car garage
duplex with water garden
cash flow, huge equity,
and tax benefits.
River Rouge, MI 48601

[jcmay]

Are you asking if anyone wants to take this deal??

[younginvestor]

yes

[blueboxer]

I would

[jcmay]

You are virtually getting this at 35-40% below market.  Just out of curiosity, why are you wholesaling this instead of taking the deal yourself?

What is the condition of the property and what is the story behind the sale?  (Why is the owner selling it at such a discount?)  How soon does this deal have to close before it's too late (is it about to go into foreclosure or something?)

Sounds like you found something worth looking at.

[younginvestor]

Deals sold now, I did not take it myself because I got the lead from someone else, and I am a rookie, have not closed any deals yet, plus I dont have enough cash for the rest of the money, if the lender loans me 85% ltv, I cant come up with the other 15%. Let alone the renovation costs. The home was a pre-foreclosure, I appreciate you guys inquiring about it. Sorry guys.  :neutral:

[jcmay]

I'm not surprised the deal sold this quickly - it sounded like a money making transaction.  Hope you find lots more like this and make tons of money.

[younginvestor]

If I can,are there any investors here, that are willing to purchase homes like these, in and around Michigan. I am in Toronto, but I have someone who is looking for deals for me (bird dog), whenever a deal is found, I go down and take a look personally, and review the numbers myself.
Like I said, when I do get more deals like this, (for now) I cant afford to close on them, since I dont have the remaining % (remainder from ltv) in cash. So I'll work out assignments to build up some equity. Thanks.

[jjjapd]

I'm located just north of Detroit.....
Would like to discuss and perhaps move forwrd....

email me if you haven't moved forward yet: jjjapd2@yahoo.com

Investor Price: 38,000
work needed 7k
Comps: $83-91k Range
2 bd. 1 ba. 1 each side car garage
duplex with water garden
cash flow, huge equity,
and tax benefits.
River Rouge, MI 48601

[Treens]

YoungInvestor,

If you are really interested in rehabbing homes and selling them retail, you can try hard money lenders.  There are a list of them on this site.  They don't care so much about you and your credit, they just want to know that they house will sell and make a profit that they will share in.

Personally I wouldn't want to have the headache of rehabbing but that is where the big money is.  

I hope you get the next one under contract!

[younginvestor]

I have asked around about hard money lenders, (one reason why I want to do business in the states is beacuase they are more readily available than Canada, where there's only private lenderes) however even with hard money lenders, I have been told that they will lend up to 85% maybe 90% of the arv, so I have to come up with the remaining, plus I also have to come up with the rehab costs.

[Tony Chicago]

Oh the possibilities with this deal!!

[gordo2417]

I've seen that deal all over the Net.  Some guy named "cashman" sent me junk mail on it.  I didn't even know that I subscribed to his site.  Actually I'm pretty sure I didn't but anyways he's sending leads all over the place.

Nate-WI

[vdini]

LOL - yeah the cashman - I got those emails coming in too - although I think I did sign up for something but I don't remember.

[younginvestor]

Weird, I thought I signed up for something too, but also cant remember.... I think were under a trance.....  :rotate: