A few months ago my husband and I became highly motivated in becoming REI"s and was advised by another REI that the next 24 to 30 months would prove to be the opportune time to invest.
So we took the advise and began educating cramming getting guidance and direction from other REI's on the venture with a burning desire to succeed for our children's future.
So we took the knowledge and began applying it in the real world calling and looking at several potential properties and spending hours after work into the late hours sorting pictures and data for each property and researched rehab cost and run the numbers of the ARV no higher then 65%
THEN THE ROAD BLOCK POF POF BEFORE WE COULD EVEN MAKE AN OFFER NEED POF
AND FINDING AN HML OR PML makes us feel like we are dealing with a NATIONAL BANK. Can be quite overwhelming.
SO WE CAME HERE TO GATHER MORE INFORMATION ADVICE OR DIRECTION TO WHOM OR WHAT WOULD ADVANCE US CLOSER TO REACHING OUR GOALS.
Since this would be our first deal a fear factor lingers but we shall not allow that to stop us in what we believe in OURSELVES and OUR FUTURE!
REO Seller asking 99,900
Property 1 1500 sq ft split ranch SF 3 bd 3 ba 2 car garage
120k-138k ARV comps 109900-115000-151300-167900
@ 65%
- 20,000 REPAIR COST
-4 POINTS
-6 MONTHS INTEREST ONLY MONTHLY PAYMENTS @12% ROLLED INTO THE LOAN WITH 3 EXIT STRATEGIES in hopes of moving the properties quickly because even the best laid plan can fail as we were told and read we need to be prepared.
WE WANT TO OFFER TO THE SELLER BUT NEED POF before we can even make an offer
$55,200.00 CASH OFFER with hml or pml backing.
REO Property 2
205,825 ARV
117,325 listed with the information we have found so far
still waiting on county assessor to get deed info from mortgage holder. Have found several like this possible pre list THINKING ABOUT WHOLESALING THIS ONE if all the information holds true and comes together.
Thank you for your time, any and all advice.
We are looking for advice, guidance direction any and all education to further ourselves
Regards
Holli
