All Forum Posts by: Anthony Morales

So I signed the contract for owner finance deal.  Purchase price is $200,000, appraised currently at $245,000 and my deal with the seller is:

         * $10,000 down 

         *$1,300 per month towards the principal. 

         *Seller keeps deed until payoff 

I would like to get the title so I can leverage via refi, sell etc. I can:

         *get  $160,000 loan        

         *Need $40,000 down

Does anyone know of a private money lender who specializes in down payment loans and, if so, what are the terms?  I am completely open to whatever terms are available.  I am humbly seeking advice on this.  I realize this is an easy solution for most investors, but although I am really good at establishing contact with sellers, I am 'amateur hour' when it comes to the logistics of funding.  Any guidance is very much appreciated 

Hi Christina. I just recently secured a contract for a home purchase in the Palm Springs area. I got it at $35,000 under current market-value. It could be a great start for us both. Feel free to contact me

-Anthony 

Palm Springs Area

3bed, 2bath, Condo/Town House

Market Value Estimate            $260,000

Appraised Redfin Estimate      $235,065

Purchase Price                       $200,000

Down Payment                      $10,000

Monthly Payment                  $1,300

Interest                                0%

Balloon in 12 months with 12 month extension as long as current

No Inspection

I don't really know what I'm doing I just started calling and talking.  Any advice on Title would be appreciated

Hi Jon,

very sorry I didn't respond, I am just now seeing your comment.  It took me a year but I lived there for the duration.  If I was to Fix and Flip only, as a stand alone project it would have taken at least 6 weeks.  That is if I had funding for the renovation.  Today I secured my first owner financed property in Palm Springs area.  I will keep you posted if you want, I am new to doing this for myself so I don't have a lot to add from the developer side.  I have been lead contractor on many many projects though.  But that was with other peoples money and no risk for me.  Very different feel

\Thanks for the response

SIGNED FIRST DEAL!

3 bedrooms

3 baths Condo in Cathedral City CA

$235,000 current appraisal with no improvements

$200,000 purchase price

$10,000 down

$1,300 monthly with 0 interest

Owner Financed

I am so grateful that I wanted to share, I learned everything by watching free seminars on bigger pockets, forums, podcasts, Youtube

Thank you

SIGNED FIRST DEAL!

3 bedrooms

3 baths Condo in Cathedral City CA

$235,000 current appraisal with no improvements

$200,000 purchase price

$10,000 down

$1,300 monthly with 0 interest

Owner Financed

I am so grateful that I wanted to share, I learned everything by watching free seminars on bigger pockets, forums, podcasts, Youtube

Thank you

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $312,000
Cash invested: $10,000
Sale price: $550,000

Had a lot of fun with this project. Was able to complete all the work myself along with my guy's. Saved thousands not having to hire contractors.

What made you interested in investing in this type of deal?

I chose this home because I knew it would pencil in the end. I used my formula for renovations that I have done hundreds of times for other investors but this one was my own. Very pleased with the outcome and it netted $230,000 profit

How did you find this deal and how did you negotiate it?

I found this home by driving around and it was for sale. I didn't try to lowball the owners because I knew it would sell with the specific formula I use because it's works every time.

How did you finance this deal?

Received a loan for the down payment as well as the first mortgage

How did you add value to the deal?

Everything - Travertine Flooring throughout, New Cabinets, New Windows, New Roof, New Counters, etc. I have great relationships with suppliers and am able to purchase excess material for a huge discount. I also manage and contract all the work myself. If you're doing an owner managed construction project, you are able to be the general contractor for most of the work.

What was the outcome?

Outcome was a $230.000 profit

Lessons learned? Challenges?

This was my first project for ME. I have done this numerous times for developers and investors. I learned how valuable this is