Good Deal or Pass on Wrap


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  • Are their better deals out there???
    I’d be getting this from another investor.
    Your feedback would be greatly appreciated.

    It has an ARV of $98k, HCAD is $95,287
    BOA Loan 1st.. $58,491 less $1,500.00 (Owner just paid the last two months) = $56,991 pending interest..Roughly 56% LTV plus repairs maybe 10k… Living Room, Dining Room, Hallway, and master suite need updated flooring…minor pipe repair in laundry room, paint, and tree trimming in the back..
    Note has 21yr now 2months remaining
    Monthly Payment is $750 (including P&I (interest 6.375% fixed, Insurance, Taxes) All except HOA…Est.$300 per yr.)
    Rent rolls are $1,000-$1200.00
    One Main Financial has a small 2nd (the owner will be paying that note…Note Balance
    With our closing cost and investors fee we would be into the deal at $59,270 + 10k in rehab= $69,270
    We’d assume his position with investor for a few hundred dollars on the re close…then he can draw our docs for the owner finance wrap
    He wants 4k assignment fee on this contract…
    That would put us all in at $73,270…. The note is due Sept 15th

    So we have to put $10,000 into fixing and then $4000 for the assignment. Our owner finance down hopefully would be $7000 to $10000. If we don’t sell for 2 months we are negative another $1500. Are there better deals out there?????

    Thanks for all your help.

    Patti
    [email protected]

    I’m not sure what HCAD means, some kind of county tax assessed value?

    Seems like $14k is a LOT of cash to come out with for $250/mo cash flow. $4k is a pretty good amount to pay the other investor. If nothing else i’d see if the other investor would take $2,00 for the deal, if not, try half now half in 6-12 months, or whenever you think you want to get out of it.

    It’s not a bad deal, but for the amount of cash the other investor is asking, seems like your money would be better spent in gas and postcards to find a deal on your won and save about $4,000…

    Just my $.02

    I’d PASS on this one.

    Thank you for responding.

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