Hi DG Family,
I purchased Dean's books four months ago and have read it three times but I haven't had my first deal yet...
However, I am having a potential first deal now. My offer got accepted 4 days ago, and I need to close before Nov 13..
It is a townhouse (but looks like a SFH though..)
1804 sq fee
Lot size 2178 sq feet
Accepted for $125,000
All commissions are paid by seller
Asset Value: $206,000
Comps: $160,000 - $180,000 but all of them are smaller and older than it.
The houses in this area are usually sold for their AV +(-)20,000 or so.
Fix-up cost is minimal.
Assignment fee: $2,000.
My agent said that it is a good rental place. And it is close to every thing in Orem & Provo, UT.
The seller wants to rent back the property until Nov 30,2009, which is great to me!
I believe that this is a good deal. I have sent my investors emails or called some of them, but I haven't succeeded yet, since most of them haven't answered my emails or so. I also have put 20 flyers in Orem grocery stores, on the crossroads, and somewhere near the property. However, I haven't received any phone calls yet. I am very frustrated as my agent told me that if I am about to let the seller rent the property back, I have to do the inspection and appraisal(~$750 total) as soon as possible... I wonder what I should do now. Can I just ask the seller to give me the deposit and then I will use it for inspection and appraisal? .. Please help me out!! I really appreciate it!!