All Forum Posts by: Wendell De Guzman

My real estate agent did a CMA on this and she said it's ARV (After Repair Value) is around $100,000 (ultra conservative).

This 5 bed/ 2.5 bath home is yours for only $35,000.

Repairs: $20,000.

The median rent for a 4 bed house in the neighourhood is $1400/month.

Property taxes: $5,125/year. You might be able to appeal and get the taxes lowered.

Anyway you look at it, the house is an awesome deal. You can fix-n-flip it and have $45,000 equity or fix-n-rent it and make awesome cashflow.

Here are the pictures:

http://3012eshcolavezion.blogspot.com/

If you're interested in the deal, give David, our SALES guy a call at 708-408-9006.

Do you want to be like Brandon Turner when you grow up and have cashflow coming out of your ears? Do you want MASSIVE, PASSIVE INCOME?

Acquiring this property is your first step. This house is a cash cow.

Here are the details:

Address: 3012 Eschol Ave, Zion IL.

Median rent for 4 bedroom homes is $1375/month.

Property taxes is high at $5,125/year (but may be appealed).

You can have this house for a mere $35,000. It needs about $20,000 in repairs. See below for the pictures (Redfin and Zillow had this wrong at 4 bed/ 1 bath. This house is really 5 bed/2.5 bath).

PICTURES of 3012 Eschol Ave, Zion IL

Despite the high property taxes, this house can give you a TRUE 12% cash-on-cash return (it's "TRUE return" because we factor in all the expenses). See screenshot of the Cashflow Analyzer:

If you want to LOCK-IN this deal before someone else makes a KILLING on this property, call my Marketing & Sales VP - David Perez at 708-408-9006. $1500 earnest money and POF required to lock in this deal TODAY!

Thanks Mehran for responding. I know you have become very busy nowadays. Which markets do you invest in right now? Still doing deals in WI?

Thanks for the mention @Jerry Stanford. 

The only 0% interest for 6 months that I know of is Business Line of Credit. The cheapest BLOC provider I have charges 8% success fee. Let me know if that will help you.

 Yes I am. Only $700,000 left but that's plenty for several properties.

Yes John , a lot of wholesalers inflate their values. We didn't go through with a HUD property today when we found ARVs there to be $260k but another wholesaler picked it up. He is now selling for $260k and claims the ARV is $360k. Argh!

The assumed wholesale fee is $10k

 Greg, thanks. I know the 120% of purchase price restriction is for 90 days. I didn't realize the 1 year restriction is good for owner occupants only. My attorney did not mention this. If this is not a restriction for investors like us then that's awesome.

 No  - not shady. Just wondering if people have figured a creative and legal workaround. Also, holding for 12 months just to wait for a buyer (and not getting paid any return on that money) is not good for my investors' money.

I have a question for you smart ones of Biggerpockets.

Fannie Mae has this program called Homepath.

They're selling CHEAP but the main issue is they impose a DEED RESTRICTION so much so that you are NOT ALLOWED to sell the house within 12 months of purchase. 

One solution we have around this issue is RENT TO OWN - buy the house, fix it and then sell it rent to own. It will take 12-18 months for the title to transfer since the tenant/buyer will take about that time for him or her to qualify for a mortgage.

However, today, I encountered a Homepath house that is ideal for FIX-N-FLIP. My sweet spot for rent to own in my market is the ARV range of $150K to $250K. Above $250K, I get less tenant/buyers but more buyers. The house I am looking at right now has an ARV of $450K but I can get it cheap - only $250K (it needs about $20K repairs).

I know and have heard of selling the LLC but this really does not work for end buyers who need a traditional mortgage.

I am stumped.

Any creative work around this deed restriction of Fannie Mae Homepath?

Thanks in advance BP Nation!