All Forum Posts by: Granison Johnson

Ok, I have been working this deal for sometime. I have met with the owner. And now have found that she has a total of 9 units in 3 buildings. I have spent my time getting to know her and her situtation. I would like to take ownership of the properties. She is open to a Master Lease. I was wounder if I had her LLC the properties prior taking ownership have any benifits to her and I. If there any negatives please share. Thanks

PS I will be filling out the APOD sheets with her on Wednesday. Anyone have any tips on doing this properly and what I should pay attention to the most insuring a deal is there to be had.

I was talking to one of my investor friends and he said to KISS.
KEEP
IT
SIMPLE
STUPID!!

Don't make it difficult. Making a complex deal is not worth the effort and time. I can't believe I forgot that (Slapping forehead).

Thanks guys, you really made me think about the deal. We'll see what happens.

@J Scott
The estatement on the repairs was one that was given to me by friend of how does estimates on house for HFH. It is a basic one. It comes out to be about 10% above according to him. Better to come out over and not have enough. What kind of deals should i try to make as a newb. I have a well seasoned investor in my area that told me to make a deal as simple as possible. Dealing with probates it isn't simple (A-B=C). If you had this in front of you how would you handle it.

@Kyle B. My real estate agent got me some comps off the MLS and the there was a home that sold for $150 that had sold for 155 but was toalally redone. top to bottom with finished basement. To get my home to that quality it would take and investment of about $29,000. ****Got you!**** This is investing not speculation.

@Bill Gulley Could i get a get and investor to settle the estate and do a side deal with son for $40k

This is what I was thinking:
Find soft money for the settlement of the estate $60K
Have the investor put a lein on the property for $60K at 12% over 2 years. (67200)

Have a contract with the estate for $40k @ 5% (42000)

$42k+$67200= $109,200

Lease Purchase for $135,000 for the same to 2 years.

My out would be to refi the house and hold it as a rental property.

Flat interest all the way.

I have a property in the pipeline and need some help with.

The property facts:
1. Cape Cod estimated $130K/ Owner thinks $140K what the home owner would like to get $70k out of it.
2. It is a property in probate
3. The eatate is -$60,000 due medacaid and home equity loan
4. Comps I pulled from the MLS(per Agent) are averaging $101k for simluar condition and type sold.
5. Repairs are about $29,930
6. Living Area SqrFt 1527
7. Lot SqrFt 15000

My notes: House could sell for $150 with udate and repairs.

Scenario 1
Whole property
Scenario 2
Obtain house through land deed contract and Lease Option Home for for 1250
for 2 year
Scenario 3
Assighn my Option

WHat do you think and or what other option do you think I have?

NOTE: I understand most concepts and techn.

Does anyone have a sheet that will allow me to calculate properly?

Thank you very much for the information. She did say that the repairs eating away at the profits, but that would expected, right? The renter has to pay for electric, sewer and water. the taxes and insurance are 3000. dollars a year.

Thanks for the information. I had to cancel my appointment :(. My son got sick. But I had another appointment later in the day.

I am getting ready to meet a woman that is looking to get out of the landlord roll. She is entering her 60s and only wants to manage a smaller amout of properties. From the records I have dug up on one of the property, She bought it for $80k in 2005.
Duplex
ARV $95k
Income $16800
cap is 17%

I feel the rents are a little above average for the area.
$1400 vs. 1$1300

I will be back after the visit on thursday for any advice.