Thread: Deal Found: 2 houses for $25,000.00

The house prices are indeed nicely poised as such but yes you need to think twice before taking any important decision given the current housing scenario.

Nice price... and well fitted for budget income..

For 25k it's more than a bargain. And if you need money there is forum member, if I remember good he runs the site: lending universe . com But I don't see him anymore here so often.

Greetings, and I hope that you will snatch them

Oh my God! I am bursting in laughter right now. I thought the title was:
"Dead Found in 2 Houses". Could you believe that? LOL

ROFL, That was funny.

Sounds like great cash flow properties...

I would be gathering info on how much rent you can get in that area then start talking to all your family members for loans. You might also consider leveraging cash advances on credit cards as well.

You wont find these kinds of prices in a few years..

Where are they located?

Originally Posted by BOSS

I found another steal guys,
I was talking to an old co-worker who told me that their family feud with a couple rent houses is about to end. She told me the buyer for these rent houses backed out. She told me they were basically going to give these houses away.
House #1:
2 bedroom 1 bath needs paint, cleaning, new floor in about 1/2 the house. Needs a lot of yard work. But other then that it is good.
House # 2:
3 bedroom 1 bath needs paint outside and yard work. I couldnt' get inside but it looks good.
I asked the lawyer what they would take for them. He said I have to bid. But then I asked him again what he thought. And he said If i put in a bid of about $25,000.00 cash they would take it.
2 houses with some TLC for 25,000.00. I talked to an agent and they had a house sell on the same block for 65,000.00 about a month ago. 1 house at 45,000. and another for 65,000 sell. Could be a profit of about 85,000.00.
Now the question is. Where do I get 25,000.00 cash. I told him I have it. I do but I am working on a 7 unit and an 8 unit purchase. I need the 25,000 for them.
Any suggestions?
I am putting together a plan. I do computer work for some doctors. My step dad has about 1/2 mil but he is worried to do anything with the economy. Where I live I have seen zero economy effect though.
Again, What are my options?


It will be done. Get it done. Get it Done. Get it Done. Do it now. Do it now. Do it now. Make it Good Make it Good Make it Good. These houses are Done! (My affirmations)

My title sounds like one of those common phrases you hear all day long. I have to admit I thought about this before I named it this way. However what I am about to suggest is just that.

Now to the point. You can wholesale these properties and earn "quick" $5-$10K. The speed of this transaction depends upon your ability to find the end-buyer. The proven formula in this situation is "control-> sell -> buy"

You need to control those properties - you can do it many different ways just by putting these 2 properties under contract. Another would be flexible option - option to buy at that low price during 30-90 days without an obligation for the seller to sell it exclusively to you. This way they can continue market these properties and so legally can you.

Once under your control - you need to find a buyer for yourself. Advertise on craigslist, use web SEO to drive traffic to your selling web site, or use this forum wink wink, etc. I will not spend time on this here since your question is mainly about the money - where to get those $25K.

If you manage to write purchase contract with your sellers in the way that will allow you to assign contract to the different buyer - use this approach and get yourself about $5K for each house as an assignment fee.

If the purchase contract is "un-assignable" (e,g, actual seller is a bank and you are dealing with the REO or any other reason) you may use a double closing.

Wait, I hear you are saying that in most states it's illegal and unethical. My answer to this is - simultaneous close is illegal when you use money from your buyer to pay to your seller. With double closing - you are dealing with two distinct transactions: A-B-C. A-B: you are buying from the seller and B-C: you are selling to your buyer.

Both transactions recorded separately and have two distinct financing. A-B is financed by you and B-C by your buyer. So, the question is where do you get those $25K to finance A-B?

The answer to this is "transactional funding". There are plenty of companies (proven and respectable) who will land you money for 1 day to finance A-B as long as B-C happens on the same day. They will charge you 1%-3%. They even give you a "Proof Of Funds" Letter you can show to your seller. You will need to make sure that the title company/closing attorney you are using, is familiar with these type of double transactions. A lot of them are and I can recommend some who are dealing in all 50 states.

So I hope I answered your question in this little essay.

Contact me if you have any further questions (I am sure you do )

This one is interesting! I hope you post to let us know how it all turns out. It could be a great case study for creative financing.