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Coeburn VA Opportunity
I have a wholesale who has a VA opportunity. Anyone interested in that area? I have the address let me know if you'd like to know more. 3bed, 1.5 bath / basement, full size living room, bedroom, kitchen Subject to $17k paid at closing + ( our fee ) Interest rate 3.15%
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Proposing an Owner Finance
I have a probate deal that Ive been working and my heart in this is to help him keep his house, or at least walk away with some cash. The deceased father had a reverse mortgage on it and they are demanding payment in the next 3 months. The heir/seller is open to selling and would walk away with about $30k and I would flip; I’ve also offered to buy it and sell it back to him on owner financing - obviously at a higher rate and with money down. He wants to see what that would look like but I’m not sure where to start or how to figure that up. I need to make some money but also want to give him a good deal. House is worth $220k, he will take $125k. That would give him $30k after he pays off the RM. I’m thinking I could sell it back to him at $160k with 10% down, at 8% interest but not sure… also not sure how to calculate the monthly payment he’d need to make and factor in tax, insurance, etc.… any thoughts? Does anyone have contract examples? Thanks!
Good deal?
I'd love some thoughts, or info on how I can evaluate an opportunity that has come across my desk...is this a good deal, or what would you do? I also don't have experience with Section 8, so any insight there would be appreciated! The house is a 3/2 1348sqft, fully renovated, turnkey; Comps are $170k ($120/sqft); Tenant is in place and has been for a year, and just renewed for another year. Section 8. Property Management fees are $50/mo and that includes liability insurance coverage; Taxes are about $4k annually; Off market, asking $150k ($111/sqft). I would need to do a DCSR and then cas-out refi. Current tenant is paying $1500 per month. This seems to be very tight margins, but as a buy/hold value would increase. I am just not quite sure how to evaluate this and make sure I wouldn't be upside down.
$220K rural travel plaza conversion — freight corridor, C1 zoning confirmed, 157 trucks/day (Middle TN)
I'm looking for a buyer who thinks in terms of repositioning and multiple income streams. Owner-operators, travel plaza investors, or passive income buyers who understand the truck parking shortage story. Here's the link to the property https://go.realtracs.com/1jd1t1b
Deal of the Week
https://www.instagram.com/p/DYCyeueDqb3/?igsh=MWNycDkzem83YjU3Nw== Thought I would start sharing some of the deals our team is doing to show you what it actually looks like. I want to share how we got the deal, what the main problem was (there is always a problem), and something we learned from it. We sold a flip this week on 1950 Nixon Chapel Rd, in AL. This house was just days away from foreclosure. We stopped the auction, gave the family time in the home, and helped them relocate. The problem....They left 47 cats inside of the house for us to deal with. This means a bad smelling house, and a new renovation budget haha. We paid someone local $3,500 to safely re-home all of them so we could start the project quickly. Not fun but we felt it was the right thing to do for those sweet cats. The main thing we learned on this deal is to always be conservative with your numbers and build in a 5-10% buffer in renovations because you never know when you will be left with your "47 Cat" problem. The link to the pictures is here on my Instagram above!
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The Off-Market Agent
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TN agents: Find off-market sellers, give them options that close, and earn 6% and double your income. Live deal breakdowns and Q&A Thursdays at 12 CT.
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