GREAT Cash Flow........any Ideas How To Finance?
no credit....no money......GREAT cashflow...
havn't got all the details yet, still working on it. this is what I do have.....
Property asking price is 360K
on the property there are 9 houses, 8 mobiles, 5 lots....all rented
owner gross rent is 9 - 10K a month
She says she nets 3 - 5K depending on month (she pays water/sewage every other month)
property tax in the 2600 yr. range......
I'll be getting individual information on each rental this weekend. any ideas until then??
im kinda new to this myself, but if you have no cashflow whatsoever, do you really want to try and mess with all that for only $3-5k a month?
Why not instead get the entire deal down, get all the info together, get the price lined up, and then sign the contract with a special clause you put in stating something like "subject to approved financing by partner" or something like that.
Then you sign the name "Your name and/or assigns."
And you then can flip the contract to someone else. And since you did all the dirty work, on a deal thats $300k, if you can get it down to about $280, figure out exactly how much profit they could make it they just got a decent mortgage.
If they could make $4k/mo easily without any improvements, and you secured the deal at $280k, I bet you could charge a bird dogging fee of $15,000.
You wouldnt have to do anything except flip the contract over to the investor, and walk away with a $15,000 check.
Do that for a few more deals, and then invest.
It's waht I plan on doing.