** NEW ** My Deal of A Life Time

** NEW ** My Deal of A Life Time

I know we say a deal of a lifetime will com along every week, well here is my latest.

It is one of the properties I was looking at from the conference call assignment where I finally located the owner living out of state. They said make an offer so I did, they countered and so did I , I asked for Owner Finance they said no, so I had my agent explain to them that in order to sale the property on the market FHA they would have to make a ton of repairs, to even sale it Conventional hey would still have to do repairs because they would not finance a house without water pipes and most of the plumbing gone.

They slowly but surely changed their minds and here is hat I negotiated.

Down payment of 9936.15 waived in exchange for (instant equity on repairs) That means I do the repairs at my expense to the property in exchange for the down payment, which means I come up with no money down.

Offered = 60,000.00
Countered = 76,000.00
FMV = $79,000.00
My counter = 66,241.00
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ACCEPTED
*****************
Purchase = 66,241.00
Repairs = 8,200.00
Plumbing repair
Hole in roof from limb falling through
Broken side walk
Window replacement
Re-tile Floors and pull up carpet
New bathroom and kitchen fixtures
New Paint and power wash
other minor stuff
TOTAL COST = 74,241.00

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ARV = 165,00.00 comp with neighbors
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Rent = 1475.00 comparable with neighborhood and sq/ft
_________________________________
COST = 66,241.00
Mortgage Note = 505.41 (w/o PMI)
Interest = 7.0%
Note w/PMI = 626.41
CASH FLOW = 848.59

I have attached a picture if anyone would like to see it.

__________________

Anita
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TWITTER - anitarny / FACEBOOK - anitarny

"FAILURE IS NOT AN OPTION"

File Attachments
256058.jpg (14.51 KB)

Way to go A#1

The picture was tiny but it looked like a nice home... LOL!

__________________

Cool Elena Cool
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."

http://elenamargaritis.com


You are good.

Oh Anita you go girl you just showed us that it works again.


thank you both

I try to post as much info on deals as I can. I hope it helps some others know that it is possible to just do it and do it and do it...so thanks again.

__________________

Anita
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TWITTER - anitarny / FACEBOOK - anitarny

"FAILURE IS NOT AN OPTION"


Anita,

Your my idol. You go girl! I'm very happy for you and all your success. You deserve it!

Lloydsap

Knowledge without actions is just a wish!


llyod

You are funny but thanks. I will post more on this after Monday when I go to title company.

__________________

Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny

"FAILURE IS NOT AN OPTION"


Way to go, Anita!

That goofy drop box has been covering so many of your new topics for me. I keep having to copy the content and paste it in a Word document to read them.

Thanks for adding the picture. I like that. Keep finding those great deals! It really does make it seem more attainable for everyone when you post them for us.

Anita, Question: do you have a team or contractor in your area that you specifically use for your rehabs, or are you mostly wholesaling these properties? I know you have a number of them now that you're holding. Good cash flow. But do you assign most of the others, or wholesale, or rehab & flip? If I was remembering better, you've probably already said, but when I get home at 10:00pm or later, my brain is being lazy. Smiling

Rina

__________________

"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)

"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11

For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249


what I do with them

I have been assigning most of them but the few I am holding I plan on keeping for a long while. I have not rehabbed yet but I have been using the rehab cost as leverage in negotiating the purchase prices, which, by the wa, have been very good.

If I left some detail on this one out let me know

__________________

Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny

"FAILURE IS NOT AN OPTION"


Nice Anita!

That little house in my area would FMV for high 200's! I got to do some out of state stuff!

Any help on doing out of state investing?

__________________

Don't Wish the Past, Create the Future! - DH


hey d

it was over 250K a year ago but price have fallen hard

__________________

Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny

"FAILURE IS NOT AN OPTION"


thats a....

anitarny wrote:
it was over 250K a year ago but price have fallen hard

big drop!

yeah that would be FMV now in my area.

have any do's or don'ts for out of state investing?

__________________

Don't Wish the Past, Create the Future! - DH


yes

if buying under LLC make sure you register it in that state as a foreign entity with the sec. of state and find a really good realtor while you are still at home that live and works where ever you are going to buy property. If the will work hard for you over the computer and over th phone then you have a good one, also get you current Realtor to recommend one based on referrals and records of sales and stuff. The realtors have a rating system among themselves but make sure to tell him you want a realtor out of state that is also an investor

__________________

Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny

"FAILURE IS NOT AN OPTION"


congrats on a great deal!

but i sure would like to know how you plan to do all that rehab for only 8200.00! thats amazing to me. i am starting work on my first house next week and have 28,000 planned for rehab! sure hope i come in under, but even that amount was after hours of getting workers in for estimates to find the best price for each phase - sheetrock, exterior painting, electrical, etc etc....anything i cant do myself.....
best of luck with yours - i'll be reading to find out how it all works out!


it's ALWAYS better to over

it's ALWAYS better to over shoot REHAB costs, then to be over budget, SULLY.

__________________

YOUR HERO, SULLY


the rehab cost

are only for materials. My brother will do the rehabbing for me so I have no labor charge

__________________

Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny

"FAILURE IS NOT AN OPTION"


Thats great anita!

My boyfriend is helping with mine but he isnt free hahaha!


rehab cost...

I have always set aside at least 10k when I figure out the budget.

__________________

Don't Wish the Past, Create the Future! - DH


smart thinking D

I figure if I OVER estimate rehab and holding it will be a pleasant surprise and extra profit when I come in under. Just discovered a kitchen outlet place today where I saved 2200.00! I'm soooo happy about that. Cause you always have the unexpected - like the CO inspector telling me today I have to REPLACE, not repair, the driveway apron and sidewalk! I love every aspect of this learning process though - my dumpster arrives Wed. morning and let the rehab begin!!!


Good Luck Laura

Sounds like soooo much fun. I can't wait till I get my first rehab. OOps, I better be careful what I wish for!!!!

Roni


thanks roni!!!

and dream BIG! Keep those wishes alive, but most of all ACT ON THEM. It the biggest major truth I have learned - without action NOTHING can ever happen for you!


Good luck...

Laura!

"CO inspector telling me today I have to REPLACE, not repair, the driveway apron and sidewalk!"

That is so irritating isn't it? I mean why wasn't that pointed out to any of the previous owners!?!?!?! ...ya know.

__________________

Don't Wish the Past, Create the Future! - DH


Anita - thanks

Your deal is awesome!!! Thanks for posting your activities.... it is a great motivator for us, the newbees.

We did pick up a small house after making 31 offers! It already had a new roof, new windows, new siding and updated electrical. We just need to fix the aesthetics of the property. We used equity in one property to pay cash for the home and will finance it with the repair costs in a few weeks.

Offered = 34,500.00
Countered = none
FMV = $47,900.00
*****************
ACCEPTED
*****************
Purchase = 36,672.00
Repairs = 7,100.00
tearout plaster/lath in 2 rooms
Replace entire kitchen
Re-tile floors and pull up carpet
New bathroom fixtures
New Paint and power wash
Install baseboard heaters upstairs
other minor stuff
Carry Cost = 800.00
TOTAL COST = 44,572.00

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ARV = 55,000.00 comp with neighbors
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Rent = 500.00 comparable with neighborhood and sq/ft
_________________________________
COST = 44,572.00
Interest = 6.4%
Note w/PMI = 278.80
Taxes = 38.00
Insurance = 31.00
Repairs = 21.00
Vacancy = 13.00
Total monthly cost = 381.80
Rental income = 475.00
CASH FLOW = 93.20

My wife and I are doing all the work!

Regards,

Rohn Everson
DeJor Properties, LLC


Congrats!

I am so happy for you! Good luck to both you and your wife during the repair phase. May it go smoothly and quickly!

Roni


Hey D

Yes, its very annoying, and the difference from town to town as to what they require is amazing too. I cant believe the town doesnt maintain the sidewalk...they sure get enough $ in taxes!!!! This house was an 'as is' estate sale....but I have learned that in the future certain items like that will definitely be negotiating points in purchase price offer!
Filled and emptied dumpster first day on the site! Its like a dream that I actually own a house thats being rehabbed! Its amazing!


Magnet

Anita is a deal magnet... I'm thinking it could be very profitable just following her around, lol.

Good work, once again!
Eye-wink


Happy for you

Awesome information and great to see that you are doing it in this market. Continued success to you and to everyone. Nice being a part of a network of people who are happy for the successes of others. Knowledge coupled with action breeds success.


thank you

thanks guys ad dg I owe it all to this site and Deans book..lol

__________________

Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny

"FAILURE IS NOT AN OPTION"


Learning

I've just come across this site today after doing some research on DG and I'm hooked! I can't thank you all enough for all the information that I'm gaining from your posts. Thumbs up guys!


Good stuff

its good to see you guys making deals happen. I myself am in the works of trying to acquire a fixer upper. I plan on using a first time homebuyer loan program, where all I need is $1000 down. US Bank has good programs for first time buyers or low income buyers.


96 Lots for 10 Million Dollars!?!

Hey everyone,

I know i'm new at this, but i've just recently recieved an email for a potential business deal and was wondering what the Family thought about it. Seller said they would email me the actaul appraisal if interested.

Below is the attatched email:

"Cory,
Would your investors be interested in 96 lots in Georgia. There on the Georgia/ Florida line. They appraised for $10 million and asking $5.2 million. Would like to sell all to one buyer or half. If your interested i have pictures i can send you and the appraisal. Lookiing for someone who can move quick.

Thanks"

What do you think everyone?? Look more into it? Or pass being that thats a big deal for the amount of experience that i've aquired so far??!?!?

Thanks all,
Cory!


????

Cory - do you and/or your investors have 5.2 million dollars that you can even consider working a deal of this magnitude? Holy cow.....its mind boggling to me! But if you have the resources - more power to you!
I am curious though - how did this person find you to contact you?