What to ask the BP community... What was your most creative offer for a multifamily owner financed property?
@Robin Tamburri Great question!!
I love the post and look forward to see some answers form BP members.
John Cohen, JC Property Group Inc | 5162683500 | http://www.jcpropertygroupinc.com
Joint venture with the seller on minor rehab
Wholesaling offer was terrible for the seller, 70% of after repair value minus cost
I proposed to bring in my own money, fix it, resell it, and make a JV fee of 7%
I used private IRA money to fix it
The seller was happy because he made 30,000 more than the Wholesaling offer
I gave them a note for his equity in the note was paid off after I resold it; I negotiated a moratorium or no payments on the note for four months
The private IRA lender was in second position
The private IRA lender was happy because he made ten per cent in three months
Joint ventures with sellers on minor rehab that just need new kitchens and or new bathrooms because it's grandma's house are an excellent way to get started; you do need private lender money and you do need good rehab crew
Once you do three of them you can go to probate attorneys, show them that houses at just need updating and not major rehab you can help them with
No Hard Money needed either
My student @Mark Brogan is in VA
Look him up
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