Today we recorded on deals number 3 and 4 Yipee!
Both of these houses are 40% or more off FMV. It has taken a while to learn how to find the things we need.
The first one is a 3 br 1 ba house approxiamatily 1200sqft. It is an REO. FMV is 100k We bought is for 48k. It will rent out for 800 a month if we decide to keep it. But our plan is to fix it up and resell it. This was an online aution and things went pretty smoothly with it. It needs about 5k in repair all cosmetic.
The second is a 3 br 1 bath approx. 1200sqft. FMV is 140k. We paid 55k. It will rent out for 850 a month but we will fix it up also and put it back on the market. It needs about 8k in repairs. This one was a pocket deal from my realtor.
We bought both of these houses privatly funded with a single lender. The terms are 3 points up front, 100% financing, 8 month guanteed interst, 18 month balloon, 550.00 fees for writing the loan docs. And it ended up being 2140.00 cash out of pocket to close. This was a stressful one.down to the wire. It was very complicated to get the privite money person to agree to terms but we all finally agreed. Oh Boy! We had to get an extention for a week just to get all of the documents prefect. He is an attorney very black and white. At the end he asked if we would do more deals with him.
If Dan and I can do this all of you can! Just put your fear aside and do it.
"Don't tell me I can't, Tell me how I can."