Somehow with all of the knowledge and assistance from Dean's book, my DG Family, and even Dean himself, I have my first P&S agreement!
This is a 4 bedroom/1 bath single family home in my hometown of Lincoln. I plan on using one of the bedrooms on the first floor as a dining room since the kitchen is not too big.
I offered $107500 as my highest and best at first
They countered $117000
reduced price to $116200
I had planned on staying at $117000 to make sure I got the home (since I want it for myself) but then they called my agent and accepted my $107500!!! We were both shocked! An instant equity of $10k with just a phone call.
Property assessed at $210000 and has a conservative ARV in the current market of $185-190k once basic rehab is done.
This is a cash deal and my mortgage broker can get me money through a hard money lender he is associated with, but I still need $10k to put some "skin in the game." I have requested $3000 from my 401k to help with points and closing costs, but am still looking for the $10k.
For anyone who has read my previous post on this request, I am looking to borrow $10k from a private investor and will offer 20% return. Wish to borrow for 6 months until the property is seasoned and I can refinance with a cash out to pay back loan and acquire funds to purchase an investment property. I have this all outlined with my mortgage broker and he will help get all this completed as we move along.
I will get some great pictures and post them online later today. I also need to call my sister to get researching the title (which she does for a living) and contact her boyfriend to do the closing, since he is a RE attorney. They had better give me a discount!!!
I may be crazy to move ahead with this deal with an estimated closing date of 6/28 when I do not have the required funds, but I have to try. If I cannot get it done in time, then at least at $107500 I may be able to assign it to make some quick cash. It will hurt to do that when I have come so far with this one that would be the first home for my family, but I have to be realistic too.