How Could I Pull Of This Great Buy?
here is some info for you to consider.....
selling price 18,500
3br/1ba
1667 sq ft
comps in the area sell for (the least i've seen) at 39,000
I have no cash (at the present moment) to put down and really can't figure out how to push this. with 20 k possible in profit, I'd even be willing to split the profits with some body. i've got pics of the property. it is located in huntington, wv......marshall university is located here and could possibly used for college rental.....can anyone help me??
what about taking the property subjet to or getting a hard money loan?
Randall
That sounds like an awesome deal !!! A couple of things to consider. If you want to find some money to do this deal, it might be good to advertise in your local paper for a private lender. You may also be able to find someone on this site that may be able to do something for you. If you were closer to central VA, I would be interested in checking it out myself!!! I would also like to know if the property will need a lot of fixing up and what you are planning on doing with the property ( i.e. rent or sell ).
How did you find it?
I actually came across a website in my local classifieds . they were listing a house, and just put the web address down. didn't have many listings at all, it's not a national type listing, more taylored to the ohio wv ken market. the only thing i'm concerned about is that the listing is sold as is, but base on photos of the interior and front of the exterior, not much work should be needed. 10k at the most.
i could pull off bank financing, but the listing agents are cash only. must have proof it's in the bank too. how do hard money lenders work?
I would hope to just be able to assign the deal to a more seasoned investor and just learn the process.
and by the way.......the 10k in repairs (assuming it even needs that much work) would be contracted out, so even if i could make 5k, i wouldn't be doing anything but putting the leg work into finding the contractors to do the work.
I really think you could pull at least 20k out of this property though. hopefully i'll get in to see it tomorrow. if any one may be interested in partnering up...please let me know!
I agree withe stockpro99 if you can get the deed subject to existing financing. A this price range, though, I think the seller expects to be paid outright. If you have pics adn comps (with pics) in the area and the property does not need much work, build a little marketing folder and shop it to the local investors (especially CPA's whos clients may need a tax write off after paying too much this year). Good Luck
Pemmb