All Forum Posts by: Austin Faux

Hi! We've got a great property in Illinois that's ready for you!

We're offering Seller Financing on 502 S Prairie St. Jacksonville, IL 62650! We'll finance the property at $17,000 with a $5,000 non-refundable deposit or you can buy cash for $15,000!  The property is only 4 BLOCKS from Illinois College! Great Rental with 15.56% Cap Rate or Fix & Flip opportunity with an ARV $110,542.50!!!

CALL NOW: (720) 903-3600 Ext: 217

Property Details:

502 S Prairie St. Jacksonville, Illinois (Pictures Below)

4 Beds 2 Baths - 1530 sqft. - Lot: 7840 soft.

Payment Details: (Cash or Seller Finance)

Cash: - $15,000

Seller Finance: - $17,000

- $5K down payment

- Loan Amount $12,000 

- Loan Term 4 yrs 

- Interest Rate 6.00% 

- Monthly Payment $282

Comps:

Since the property is pretty much gutted on the inside you can mold the bed, bath and floor plan pretty much to your liking. As such there is a 3/3 property that sold for $130,000 that had some light rehab done according to the pictures. Alot of the homes around the college campus which have had some rehab are selling between $100,000 - $130,000. You can also click the links to see the comps yourself:

$130,000 (528 Rosedale Blvd) $86/sqft

$126,000 (17 Greenbriar Dr.) $77/sqft

$110,000 (861 W State St) $64/sqft

$110,000 (1008 Grove St.) $62/sqft

Avg Sqft = $72.25 x 1530sqft = ARV $110,542.50

Fix & Flip Numbers:

ARV = $110,542.50

Repairs = $50,000

Oops/Misc. = $10,000

Deposit = $5,000

Principal = $10,000

Interest = $1,272.81

Rental Numbers:

Monthly Payment (Seller Financing) = $282/month 

Total Invested (Repairs + Buy) = $65,000

Gross Rents Based on Market = $1003/month (3+ Beds)

Utilities Paid by Landlord = $100/m

Landlord Insurance = $60/m

Net Rental Profit = $561/m

Cap Rate First Four Years = 10.36%

Cap Rate After Four Years = 15.56%

CALL NOW: (720) 903-3600 Ext: 217

Thanks!

Austin Faux - Executive Director of Operations

Miracle Real Estate Group, LLC

P.S. Here's some pictures of the property below:

So I ran into a new objection: "I think it's a great buy...but I don't trust my brother to manage the rehab."

I've got a potential buyer for a property I own.  The property is in Illinois but she lives in Texas.  She's from the area where the property is currently at, and feels it is a great buy, but she says she doesn't trust her brother to manage the rehab.  What should I say to this?

My thoughts are to explain she can setup the contract with the contractor that she doesn't pay till certain "milestones" are completed.  That way she knows she just isn't putting money out there in another state, and that the contractor is on task.  Then she can have her brother checking up on the timeline with the contractor.  

What do you think is the best way to handle this objection?

Hi!  We've got a great property in Illinois that's ready for you!

We're offering Seller Financing on 502 S Prairie St. Jacksonville, IL 62650! We'll finance the property at $10,000 with a $5,000 non-refundable deposit. You gain control of the property that's only 4 BLOCKS from Illinois College! Great Rental or Fix & Flip opportunity with an ARV $110,542.50!!!

CALL NOW: (720) 903-3600 Ext: 217

Payment Details:

$5,000 Non-refundable Deposit

$10,000 Seller Financed @ 6% over 4 years = $234.85 monthly payments!

Property Details:

502 S Prairie St. Jacksonville, Illinois (Pictures Below)

4 Beds 2 Baths - 1530 sqft. - Lot: 7840 soft.

Comps:

Since the property is pretty much gutted on the inside you can mold the bed, bath and floor plan pretty much to your liking. As such there is a 3/3 property that sold for $130,000 that had some light rehab done according to the pictures. Alot of the homes around the college campus which have had some rehab are selling between $100,000 - $130,000. You can also click the links to see the comps yourself:

$130,000 (528 Rosedale Blvd) $86/sqft

$126,000 (17 Greenbriar Dr.) $77/sqft

$110,000 (861 W State St) $64/sqft

$110,000 (1008 Grove St.) $62/sqft

Avg Sqft = $72.25 x 1530sqft = ARV $110,542.50

Fix & Flip Numbers:

ARV = $110,542.50

Repairs = $50,000

Oops/Misc. = $10,000

Deposit = $5,000

Principal = $10,000

Interest = $1,272.81

Rental Numbers:

Monthly Payment = $234.85/month (Seller Financing)

Repairs Loan ($50,000 @ 6% 30y) = $299.78/month

Annual Property Taxes = $2,178.92 (2015) or $181.58/month

Rents = $1033/month (3+ Beds)

CALL NOW: (720) 903-3600 Ext: 217

Thanks!

Austin Faux - Executive Director of Operations

Miracle Real Estate Group, LLC

P.S. Here's some pictures of the property below:

lol... I just got into Des Moines for Thanksgiving and I'm reading this in downtown lol. Yeah the prices are much more do-able,  just goes to show how crazy Denver is gotten lately.

In the process of doing my first deal in Des Moines we're going to flip the property.  What about yourself have you had much luck out here in Des Moines or in Denver for that matter?

Hi @Ashleigh Fredrickson welcome to the Denver BP Community!  I look forward to meeting you in person!  You don't know anyone that has experience with Mobile Homes do you?

Thanks,

Austin-

Hi @Dorothy Ma welcome to the Denver BP community!  I look forward to meeting you in person!  Let me know if you have any questions and I'm more than willing to help with what I've got ;D

Hi @Bernice Hampton welcome to the BP community here in Denver!  I look forward to meeting you at a local event.  You don't by any chance know anyone that works in Mobile Homes do you?

Thanks,

Austin-

Welcome to BP!  I live in Denver but I grew up in Iowa, in fact I'll be there next week for Thanksgiving!  I'm looking to meet some fellow investors, been doing this for a little while now, and I'm about to start flipping a property in Des Moines in the next # of days.  Let me know if you want to chat - 303 335 5309

Hi @Taylor Marvin I grew up in Des Moines but I live out in Denver now. I do real estate out in Iowa though, in fact I'll be out there Thanksgiving weekend....lol! How long have you been doing real estate? Do you know your market well? How well do you know MLS? I've got a property in Des Moines I'm about to start flipping soon. Maybe we should talk?

Thanks,

Austin-

Hi Logan welcome to BP!  Looking forward to meeting you at a local event!

Austin-