Private Money

Private Money

Today we recorded on deals number 3 and 4 Yipee!
Both of these houses are 40% or more off FMV. It has taken a while to learn how to find the things we need.
The first one is a 3 br 1 ba house approxiamatily 1200sqft. It is an REO. FMV is 100k We bought is for 48k. It will rent out for 800 a month if we decide to keep it. But our plan is to fix it up and resell it. This was an online aution and things went pretty smoothly with it. It needs about 5k in repair all cosmetic. Smiling
The second is a 3 br 1 bath approx. 1200sqft. FMV is 140k. We paid 55k. It will rent out for 850 a month but we will fix it up also and put it back on the market. It needs about 8k in repairs. This one was a pocket deal from my realtor. Smiling
We bought both of these houses privatly funded with a single lender. The terms are 3 points up front, 100% financing, 8 month guanteed interst, 18 month balloon, 550.00 fees for writing the loan docs. And it ended up being 2140.00 cash out of pocket to close. This was a stressful one.down to the wire. It was very complicated to get the privite money person to agree to terms but we all finally agreed. Oh Boy! We had to get an extention for a week just to get all of the documents prefect. He is an attorney very black and white. At the end he asked if we would do more deals with him.
If Dan and I can do this all of you can! Just put your fear aside and do it.

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"Don't tell me I can't, Tell me how I can."


Nice!

Now you have your PM lender hooked & he will spread the word to his friends.
Good job on your deals.

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Jason S.
San Diego, CA.
**All CASH House Buyer!**
Refer Us To Neighbors, Friends & Family, Earn $1,000
LIKE my FB page http://www.facebook.com/JandBHouseSolutions


Great job

This sound like you guys had a excited ride along the way, but it was worth it. gotta love it.

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Averyday is a Friday so weak up each morning and get excited.


Donna

Great job with the PM. It does take a load off your mind when looking for cash.Jeremy and I are also bidding a house on line right now. Ends on Tuesday and the bidding is not jumpin in big amounts. Have to see where his reserve is at. Good luck guys, all our best....Jeremy and Jan


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