Boynton Beach, FL · Member since 2013 · 13 posts · 1 vote
I have a house under contract in the name of my LLC. This is a solid neighborhood that I have bought and sold in several times. One of my competitors wants to buy it... Bad. How can I sell it to her without coming to the table with cash.
Specifics:
Its under contract for $83,000 & $2000 escrow
I am in Florida, its a FNMA house that wont allow assignments.
Sales price on contract to her $115,000 & escrow $3000 (told her I am not submitting escrow till we figure this out)
-Is the paper in your name personally or in the name of your LLC?
-Depending on your relations ship with this competitor perhaps you can partner up?
-Can you do it under a Joint Venture with your LLC?
-Could you open up another LLC and do it in that one with a JV.
83K to 115K looks very good to me, How much more is the ARV to make this spread worth doing this vs just keeping to the original plan of doing/keeping it all yourself?
@Keith Lewis Sounds like you'll need to close on the property first (since you can't assign the contract). Then you can sell it her once you own it. Search "transactional funding". There are lenders out there that will loan you the funds you need to close for a short time and for a fee.
Edward - I have 4 other properties. One of which I am having issues with due to a contractor that is unreasonable/in lawsuit. This house needs 100% renovation but arv is about $225.
John - Its already under contract in an LLC. Thoughts? Why would that impact it?
Thanks guys, will call my current lenders about transactional funding. Might consider JV but I just want to take profit and move to a few other deals.
Hey guys, this is a FNMA REO which means no sales within 30 days and no sale/Mtg encumbrance for more than 120% for 90 days. @Keith Lewis if you don't care that your end buyer knows your spread......have them finance your purchase, with a 100% Mtg, with some type of agreed pay off/title transfer 91 days after your close.