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I bet there’s some dealmaking going on out there…
Anyone want to share the details of a deal you did recently???
We can all learn from each other by sharing deal details.
Who says there aren’t any buyers out there? They may be right next door.
Last month I netted roughly $10K on a wholesale deal without putting up any of my own cash in less than 60 days!
To keep it simple, here’s how I did it:
1. Contracted a 4/3 house for a super cheap price that needed roughly $15K in repairs.
2. Marketed the heck out of it in the papers, craigslist, backpage, supercheaphouses, signs, etc.
3. Found a buyer.
4. Double closed and had the money wired to my account.
That’s a pretty long story made short, but I DID IT! And so can you if you haven’t already.
By the way, my buyer didn’t come from my advertisements, even though I was able to build a good buyers list. I noticed some guys next door rehabbing a house, went over, introduced myself and asked the guy if he was interested in buying mine too. He said yes, and the rest is history. Sometimes it’s about being in the right place at the right time.
There are oppourtunities abound, but you won’t find them if you’re not looking.
Latron
hi jackie..
this isn’t about a deal, but how i might structure one in the future.
i have a sister-in-law who has multi millions of dollars in c.d’s drawing what ever the current rates are. i’m sure she isn’t going to be happy with the rates falling.
she saved my bacon on a dream house i was building a few years ago and lent me 30k. it wasn’t a structured loan, just pay as i can, which i have been. after becomeing more educated, i’m trying to see if it’s possible to do some deals with her to get her paid off and make both of us some money.
everything she has is paid for, so she has no deductions. i’m guessing she has a horrendus tax bill every year. i would like to structure some deals whereby she gets all the depriciation without the property being in her name, as she is worried about litigation, as all her assets are liquid. i would be worried also.
i would like these to be long term holds. use her money for the down payments. give her my half of the depriciation for my debt. use her half for reduction of her income tax, and at some point in the future sell and realize some profit….what do you think ?
thanks robert in california
Latron,
CONGRATULATIONS on the great deal! You’re advice is “rigth on”!
Jackie
Robert,
Perhaps you can use her funds to buy property at at deep discount for all cash. An LLC could own the property and you could have a lease option.
The rent you pay her could be relatively low and the option price could increase every year. That way she would get all the depreciation and most of her profit would come as capital gains. You would have good cash flow and part of the upside.
I recommend John Schaub’s course on working with investors. He discusses this structure in detail.
Pedro
Bily Jo,
When you go see that house, find some more stuff wrong with it and get the price down to $100,000 and it will be a better deal IN THIS MARKET.
$160,000 is too skinny in my book — especially for something that requires a cash purchase.
Jackie
Been sending out “Letters of Intent” to purchase SFH’s for two weeks now. One home that is Bank Owned was listed for $196k. They accepted our offer of $160k. We now have five days to go and see it (kick the tires) and see what it might need and how fast we can turn it or keep it as a rental.
No money out of pocket (have a passive invester)
Never left the office (just faxing offers over)
Don’t need to buy it if we don’t like what we seeJust another tool in our Jack Miller tool box to use for aquiring houses.
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