[Jordan McCoy]

Jordan McCoy

Good morning Bill,
No worries about getting back, as I hope you’re enjoying Spain. Also, your real-world example is a deal just like mine as well. I signed a P&S agreement with them but just extended the timeline that is very open to when the probate gets completed. However, my interest in this contract does not exactly hold much weight since they technically don’t own it. I like how the option keeps you better protected throughout the probate process. I’m guessing you did record this option with the county as well?
Thanks for your help!

Look forward to hearing more!

[Jordan McCoy]

Jordan McCoy

Hey Bill,

Can we download these manuals on here? Maybe Im overlooking it, I have the book downloaded but not the manual. Thanks for your help!

[Jordan McCoy]

Jordan McCoy

Hey guys I did some digging and got in touch with his daughter Susan. She helped him on the book and was glad to hear of my interest in her dads book. You can send her an email to [email protected] Cost for book is $17.95 plus taxes and shipping. Unfortunately, Amazon isn’t working so just shoot her an email.

This book is full of creativity and can see Pete Fortunato and Jack Miller fingerprints in his deals.

[Jordan McCoy]

Jordan McCoy

I was also wanting to to buy this book. So hopefully theres some more copies out there.

[Jordan McCoy]

Jordan McCoy

Hey Bill,

I did already close on this property so the terms are kinda set.
I am unsure about whom I will be selling this to, but figured it would likely be an owner occupant.
Its here in FL and I didn’t want to particularly wrap it to keep more control I suppose.
Clearly GA has better laws and a wrap makes more sense there.
As far Dodd Frank, I figured since it already has a balloon and Dodd Frank doesn’t like those its not as likely
going to be qualified mortgage. But doesn’t mean I wont still look for a qualified buyer.

My Thoughts were to sell on CFD to end buyer around 320K with 30-35K down and a balloon in 8 to 9 years.
Im in it for 295K (20K assignment fee) and 10K to seller.
Underlying balance is 265K. If sold at 320 with 30K down, at 8%.
Payment to seller is $979.49 and to end buyer $2127.92.
One thing Im kicking myself for not doing was getting Substitution of Collateral within the mortgage but my mind
was thinking I would sell this for whatever reason. But I digress..

Thanks

Jordan

[Jordan McCoy]

Jordan McCoy

Do you typically put these on the MLS to find your end buyers?

[Jordan McCoy]

Jordan McCoy

After you contract it and get POA, you then put it on the MLS until you find a buyer? Then sign a novation agreement with seller?

It’s basically A-C contract correct?

Seems like a very profitable option that seem like skinny wholesale deals.

[Jordan McCoy]

Jordan McCoy

We don’t need to even renovate it to make 30-40k as it sits by just putting it back on the market. The retail market is crazy and little to no inventory.

[Jordan McCoy]

Jordan McCoy

Yes, because they have terrible credit and can’t get bank financing. I don’t want the end buyers to refinance me out. I would would to hold it long term.
But with that being said if it appreciates 3-4% per year it would be worth (215k) that in 2-3 years if so.

[Jordan McCoy]

Jordan McCoy

First thought…
Get tenants out and do a clean out and
Put back on market for 169k as is..

I put it together that way to get into the deal cheap
For a short term exit whether I decide to assign it, rehab it or sell on OF.

[Jordan McCoy]

Jordan McCoy

My Thoughts
Purchase them subject to the existing mortgage.
Offer the tenants cash ($2,000-3,000) for keys to exit ASAP.
Wrap it and sell on owner finance at 215-220K at 8-10% interest.
Get 15-20K down per property.

[Jordan McCoy]

Jordan McCoy

Hey Jackie, with an option in mind. Once you find a buyer, do you then actually sign a purchase and sale agreement with seller and buyer?
Feels very much like a wholesale transaction without much liability if you can’t find a buyer?
Am I missing anything?