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Seeking 30 to 35k to close ASAP

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Dexter Dockery

Cordova, Tennessee

Feb 17 '13, 07:54 AM


- Have Condo Germantown (Memphis, TN) under contract for 52k
- Seeking 30-35k to close ASAP
- Open to private lenders who will lend in TN
-Please reply with rates and terms



Ben Reese

Real Estate Investor from Louisville, Colorado

Feb 18 '13, 08:53 AM


Dexter,

Do you have a recent appraisal or broker price opinion?



Dexter Dockery

Cordova, Tennessee

Feb 18 '13, 11:15 AM


2012Appraisal and Assessment Information
Class: RESIDENTIAL
Land Appraisal: $ 6,600
Building Appraisal: $ 69,900
Total Appraisal: $ 76,500

Total Assessment: $ 19,125

Per Shelby County, TN

Thanks for your question, Be glad to answer any additional



Eric Michaels

Real Estate Lender from Chicago, Illinois

Feb 18 '13, 12:47 PM


Dexter,
County tax records are not accurate for property valuation. You will need to provide comps and actual sales data.



Dexter Dockery

Cordova, Tennessee

Feb 18 '13, 01:19 PM


Ok, I will get to work on actual sales data. How old is acceptable?



J Scott Moderator Donor

Real Estate Investor from Ellicott City, Maryland

Feb 18 '13, 02:30 PM
4 votes


Originally posted by Dexter Dockery:
Ok, I will get to work on actual sales data. How old is acceptable?

If you have to ask that question, I'd recommend finding a good agent that knows the local market and ask for a CMA or BPO. That should provide the comps you need...



Medium_lishproplogoJ Scott, Lish Properties, LLC
E-Mail: [email protected]
Website: http://www.123flip.com
CHECK OUT MY BIGGERPOCKETS BOOKS: http://www.biggerpockets.com/flippingbook


Dexter Dockery

Cordova, Tennessee

Feb 19 '13, 05:57 PM


Have 2012 Comps in PDF file if anyone would like to take a look



Rob Gillespie

Real Estate Investor from Fairview Park, Ohio

Feb 19 '13, 06:41 PM
1 vote


Dexter,
You can get an actual appraisal for about 300 bucks.
If you choose to comp yourself, you should not go back more than 6 months or should not go further than half of a mile away. Make sure to consider amount of beds and baths, foundation type, garage, sq ft, etc...
If the property is on a main street vs. a side street, the value will take a hit.
In short, a local realtor can get you a BPO (brokers price opinion) for about 75 bucks.
I would be very cautious of zillow and sites like that for accuracy.

Finally, If you are going to borrow, you will have a much easier time if you have some skin in the game. So make sure you offer to have 10% or so into the deal and be at no more than 50% LTV to give a nice security.
Good luck!!!



Will Barnard Video Moderator Donor

Real Estate Investor from Santa Clarita, California

Feb 20 '13, 10:32 PM
2 votes


Dexter, I hope you take the comments in this thread as a learning experience for yourself. You started off fine, then when you asked that certain question, it was crystal clear how much of a beginner you are. NOT to say that is bad (we all started as beginners at one point), but if you are going to ask for money, you NEED to do it AFTER you are fully prepared and that requires getting fully educated first, then go get that deal and ask for money.
Better yet, don't ask for money, offer an opportunity.



Medium_be_logoWill Barnard, Barnard Enterprises, Inc.
E-Mail: [email protected]
Website: http://www.barnardenterprises.com
http://www.InvestorExperts.com


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