All Forum Posts by: Michael Lerch

come on don't be shy! If you're a wholesaler or cash buyer in the area I would like some feedback.

Thanks!

Wholesale Property with great rental potential for $10,000!
Potential Rent after repairs is $700-$800 /mo depending on updates made.

5007 W 7th Ave. Gary, IN 46406.

3 bed
1 bath
750 finished sqft
Garage in the back.

Est Repairs: $12,000

• Windows
• Interior work (paint, carpet, trim)
• landscaping
• Updates to kitchen and bath
• Garage door
• Possibly roof, but unconfirmed.

Asking $10,000

purchase 10k
repairs 12k
closing 2k or less

total all-in = $24,000

More details to come. Looking to sell asap. Looking for cash buyers / landlords in the Gary Indiana (IN) market.

Thanks!

616-466-4943

Hey Craig! Glad you found your way here to BP! You'll learn tons of great information about real estate on this site.

We've partnered with the local RPOA and now have a new meetup location at the Buffalo Wild Wings off 44th st in Wyoming! Next meetup is 2/12 at 6pm!

Networking, Food, and the director of the RPOA will be there to do a presentation.

Go to our meetup page for more info:

http://www.meetup.com/WestMichiganREIClub/events/162172932/

Are you saying the only way to make money on short sales is through a commission? Wasn't even looking at it that way. Was looking at it as a flip.

don't be afraid to make an offer ;)

Unfortunately I'm not licensed. I take it I need a realtor to do the short sale for me?

If I were to put it on the market right now I'd get $175k for it or pretty much what he owes aside from the payments he's behind on too. Does $140k short sale sound far fetched then? What would be more likely?

Never done a short sale before. I mostly do wholesaling. The owner owes $174k (and about 7k behind in payments). Bank says they'll work with him and have tried several times to renegotiate his mortgage but he just wants out. He says the bank would be willing to do a short sale, and his neighbor down the street in a similar house and debt said he did a short sale of his house for $140k and believes he can get the same deal, and offered it to me.

The house is in a VERY nice neighborhood and the town is where all the high income families live. The market is pretty hot for that area, and I suspect that I wouldn't have any trouble flipping it come spring/summer. Could use some paint and carpet, but otherwise the house has all high end stuff.

Never used a hard money lender before and I don't have a lot of skin to put in the game.

Thoughts?

I have a lead I can follow up on. What purchase price are we talking here?