Kenneth Anderson | Cell: (702) 829-8945 | Email: [email protected]
Las Vegas, NV Active 3 years, 3 months agoForum Replies Created
-
Posts
-
Thanks Dee, I appreciate it.
Good evening All,
First off let me say thank you for all the responses. All of you have been very helpful.
Bill Eisenhauer: I explained to the seller, what I would like to do. I was totally open with the seller. That is how I found out about the due-on-sale clause. You are correct about going the distance. He likes the cash flow from this property. He will not allow a second note.
Don Wede: I haven’t had the time to check the laws on pre-payment penalties. I will do that this week for future reference. I’m leaning more towards walking away. I’m prepared to walk away. I will continue to follow up with the seller.
Dee L Graber: 1. The seller lowered his price to $158K, the $165K is where the price should be for a townhome in this zip code.
2. The market is Vegas was hit pretty bad during the crash. So, we can expect some of the same thing to happen when the market corrects itself.
3. The due on sale clause is in his contract.
4. I do not know if the seller has made any valid declaration of being an investor with the IRS.
5. I’m assuming that it is principle only. We didn’t discuss any interest. I wasn’t gonna mention anything about an interest rate unless he brought it up.
6. I’m prepared to walk away, if the stars are not aligning.Mike Weiss: You might be correct about the 1%. However, we didn’t discuss an interest rate. So I.m assuming it’s principle only payments. I wasn’t going to mention an interest rate unless he brought it up.
Jackie Lange: The ARV is between 200K-211K. I was trying to get the down payment lower, but since the home is listed on the MLS, the agent will get the $6K. I’m gonna keep my eyes open to see how much attention he is receiving on the MLS. If the house doesn’t sell before the listing expires. The seller might be open to coming down; on the down payment as well as the monthly payment.
I’ll keep you posted
Thanks Don & Jackie for your help. This make sense to me now.
Morning Don, I don’t have any properties that I’m working on that I need to create a note. I was asking in general, if I had to create a note. How would I go about doing that? I know what a note is but, I don’t know how to structure it.
Let’s use this as an example
3/2 1500sqft
Seller asking Price: 250k, the house is free and clear, no repairs. Seller would like 25k dn, with a 6% int rate, with a 5 year balloon. I don’t have 25k to put down. How can I create a note for the 25k?LMBO. Have fun!
Example
Seller: would like 400K
dn: 15%
Term: 5 year balloonHow would I create a note to give the seller the 15% down?
Who can I speak with about creating notes?
I had the pleasure of meeting and talking with Bill. He is an awesome guy to be around. I learned a lot from him when he came to Vegas for a two day seminar. I would love to see him and Pete in Atlanta next month. Unfortunately, I may not be able to swing it right now.
Jackie & Don,
That is some great advice, I never would have looked at the deal or any deal from that angle. I appreciate your experience and advise.
Thanks Jackie & Don!
Thanks Don, I appreciate it. The granddaughter informed me that her grandmother would only accept cash. She was not open to anything creative. I gave her 3 options, I thought my offers would be beneficial to her and her grandmother in the long run.
Thanks anyway,
Thanks Jackie I appreciate it
Thanks Jackie for Bill’s schedule. I didn’t get the chance to go door knocking here in Vegas. So, I will check him out in another city.
Wow! I don’t know if I would have passed on it. But, I understand where you are coming from. Relax more and work less. Good for you.I’ll be glad when I get to your level.
Thanks Jackie for the update!
Don I would like for you to look over my agreement. I can’t upload it into CFD website can I?
He wants $1000 a month. I will rent it out to my tenant buyer for $1500.
No Amortization. It is a Lease Purchase. The house is free & clear.
Here is how I’m going to setup this deal.
Seller side:
Price: $180,200
Option Consideration: 2k dn
5-year term with an option to buyBuyer side:
Price: $210,500
Option Consideration: $17,000
18 month termARV is between $208-$220
Maybe a few hundred to paint the outside. The inside is very nice. No repairs needed inside. I’m putting the property in a land trust.Let me know what you think
Ok. I understand
What is your email Don?
Thanks Don I appreciate it. I’m working on a rent-to-own transaction. That is why I was asking. This will have a positive cash flow for me.