All Forum Posts by: Dante Williams

Sharad,

Yes, I have a breakout of the numbers. The only guess work is in figuring annual expenses which I calculated by using 5% of gross annual income, interest rate for the rehab loan and of course closing cost which I assume will be approximately $3k.

Financeexaminer,

If you would have thouroughly read my post before commenting, you would have seen that this is a wholesale deal and not a property that I am purchasing. As stated I'm looking for advice on how to proceed not dismissive or crass remarks.

Sharad,

I'm assuming that a rehab loan will be used as the majority of my cash buyers use financing for the rehab.

Im back at it again! After multiple attempts I think I found my niche. Here is the deal. Owner wants $22k. property needs 80-100k in repairs ARV 140k. The numbers dont work for a cash deal but here is how I negotiated. 11.5k at close this gives the buyer back what he paid and allows him to pay half of the back taxes. 10.5k in installments of $300 a month for 35 months zero interest and no payment for 45 business days(62 calendar). Property is a 2 flat total of 5 beds 2 baths, but has a unfinshed garden apartment below grade. after rehab rental income would be $2200 if garden unit is converted. total debt service is $900. annual rent of $26,400 -debt service $10,800=$15,600. After subtracting operating expenses then calculating cash investment of end buyer. The cash on Cash return for the first year is 63%! What do you guys think? Is there anything I should watch out for or pay close attention to? This is my first seller financed deal.

Im back at it again! After multiple attempts I think I found my niche. Here is the deal. Owner wants $22k. property needs 80-100k in repairs ARV 140k. The numbers dont work for a cash deal but here is how I negotiated. 11.5k at close this gives the buyer back what he paid and allows him to pay half of the back taxes. 10.5k in installments of $300 a month for 35 months zero interest and no payment for 45 business days(62 calendar). Property is a 2 flat total of 5 beds 2 baths, but has a unfinshed garden apartment below grade. after rehab rental income would be $2200 if garden unit is converted. total debt service is $900. annual rent of $26,400 -debt service $10,800=$15,600. After subtracting operating expenses then calculating cash investment of end buyer. The cash on Cash return for the first year is 63%! What do you guys think? Is there anything I should watch out for or pay close attention to? This is my first seller financed deal.

Im back at it again! After multiple attempts I think I found my niche. Here is the deal. Owner wants $22k. property needs 80-100k in repairs ARV 140k. The numbers dont work for a cash deal but here is how I negotiated. 11.5k at close this gives the buyer back what he paid and allows him to pay half of the back taxes. 10.5k in installments of $300 a month for 35 months zero interest and no payment for 45 business days(62 calendar). Property is a 2 flat total of 5 beds 2 baths, but has a unfinshed garden apartment below grade. after rehab rental income would be $2200 if garden unit is converted. total debt service is $900. annual rent of $26,400 -debt service $10,800=$15,600. After subtracting operating expenses then calculating cash investment of end buyer. The cash on Cash return for the first year is 63%! What do you guys think? Is there anything I should watch out for or pay close attention to? This is my first seller financed deal.

I just recently got my first deal under contract. The deal is 4 bd. 2 ba. SFH. ARV $150k. The purchase price is $21,000 and needs approximately $40k in repairs. My question is should I work with another wholesaler to get this deal done? He contacted me and claimed to have a buyer lined up. How do I do the deal with him with out getting screwed? The property is FSBO and I have a lot of flexibility. The other wholesaler was very excited about the amount of equity in the deal. Also do you think that my assignment fee is to low? $5,000

My name is Dante Williams I'm a wholesaler from Chicago, IL. I'm familiar with the site but this is my first post. I just got my first deal under contract so wish me luck.