All Forum Posts by: Craig Wilcox

Paul, You are on the right path!  

Now, as Winston Churchill said: "Never, never, never give up."

 Mine too!

Pedro,

I see.  You could hurt your relationship with the private money company by not closing the loan.  I would suggest you talk to them, let them know you decided to wholesale the contract, AND offer them a fee for the work they did to prepare the proof of funds letter.  If they get some reimbursement for their time, they should be more understanding.

Good luck!

 Illinois, is a great place to be from.  We are visited TN earlier this year and would like to move there ourselves. 

I checked out the Scout website.  Better yourself to better your business! 

Absolutely, that is a great idea!  The bank shouldn't care that it was gifted to you.

Paul,

Sounds like you have your vision worked out.  Go make it happen, you can do it!

Welcome to BP, Craig

Ryan,

It looks like you may be missing water/sewer expense.  Does the property need any rehab?  

With 5% vacancy, 5% for Repairs/Maintenance, 4% for reserves, and 10% for property management, the cash flow will be $110 after mortgage payment. That is a 2% cash on cash return so, not very good. If you self manage, the cash flow goes to $410 and 7% COC but most investors recommend buying with the option to hire management.

Personally, I would want it under $250,000 but that might not be possible in this market.

I hope that helps.

Savannah,

Zillow and realtor.com use an automated formula to calculate the value that can be significantly off.  Those are good places to start but you should always look for sales that are comparable in type, size, condition, and amenities.  

It sounds to me like the off market deal is not that good.  Don't trust someone else's data and analyze as much as possible to improve your confidence.

Craig

Pedro,

Is the lender a bank, hard money lender, or private lender?  It is possible that you could hurt your relationship with the lender but there is no reason that the contract can not be assigned.  

If you request the lender to do work without eventually closing on a loan than they will likely stop helping you.

Does that answer your question?

Hi Stephen,

I was at the Chicago Bootcamp too.  The information was great as well as the networking, although I don't think we met.

I keep hearing it over and over, if you find a deal, you will find the money.  Good job, sounds like you proved it!

Craig