All Forum Posts by: Sud S.

Do you have a reliable contractor who can do bed and bath addition to basement? Get estimate for that. assuming this is your first flip try to keep it simple and go through entire process. 

You should be able to use any of your existing LLCs.

Did you have any interaction with the tenant while on the property? How long is the lease term? If it is 2-3 months then no point in asking them but if it is more than that then asking does not hurt. Also just ask for changing unit. why you want to give them free rent for a month? That can be next step of negotiation if they show interest but don't offer this upfront.

Just with the quick numbers it looks like you will loose 5K. Your Down-payment 65K. They pay you in 2 years 60K.

And who is responsible for insurance/taxes/maintenance?

Investment Info:

Single-family residence wholesale investment in Lehigh Acres.

Purchase price: $115,000
Cash invested: $120,000
Sale price: $145,000

100% Seller Financing

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

Offmarket Property and below market price and also had buyer ready/

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

Buyer found it but did not have down-payment for the same and also would not qualify for conventional financing so i put this deal together.

How did you finance this deal?

Got Margin Loan and some savings.

How did you add value to the deal?

Seller wanted to close fast and i had a cash and no contingency.

What was the outcome?

Buyer now owns the home which would not have been possible without this deal.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

This deal was put by myself and title company helped in creating note.

The home you mentioned how many tenants? is the house rented by room? how long is this home operating? are you thinking of buying another similar home and get investor partner? 

depends on the location of the house. Each house needs to be evaluated carefully. Also upgrades you mentioned are not small specially kitchen/bath. When you look at the house think on how you add value or what things are missing in that. If you know the prices of upgrades then when looking at house create a list of items which would need to be fixed. If possible get someone who is handyman or knows how to do small work and get their input on price.

I am also interested next time.

Welcome Joshua

I am in fort myers and also real estate investor and know few contacts who can help you with build.

Hi Joe

Thanks for the response. We have the property identified and looked at already. Still not put in offer but will be doing it pretty soon. All expenses will be shared jointly.