[Mary McDonald]

Mary McDonald

Jackie,
I try my best to be honest in my business, and work with others who are honest. Unfortunately, it can take some hard knocks to find those honest people, especially in the Real Estate business. Are there any resources that list reputable Real Estate Investing companies?

I will keep reading Jack’s newsletters, thanks!
Regards,
Mary

[Mary McDonald]

Mary McDonald

Jackie,
I am glad you are feeling better.
Mary

[Mary McDonald]

Mary McDonald

Thank you for sharing your story. It shows me that when unforseen changes happen, a fresh look at exit strategies must happen, and selling to a new rehabber was the new best solution.

[Mary McDonald]

Mary McDonald

Ps. I saw this guy on a cashflow expo webinar this weekend Mobile Home investing
John Fedro. [email protected]
Mobilehomeinvesting.net

[Mary McDonald]

Mary McDonald

Greg,
I also am interested in the mobile home parks investing zoom call. Please add [email protected] to your invite list. Thanks!
Mary

[Mary McDonald]

Mary McDonald

Hi Jackie,
Because it is furnished, it made me think of Airbnb possibly or furnished rental, so…
Install wireless internet and blink cameras to secure the property and monitor the work progress. Install smartcode keypad for entry.

Hire structural engineer to report type of structural work needed. Give report to foundation contractor. Hire general contractor to oversee the rehab. Schedule work to be completed within 6 months. Pay contractors in thirds as work is completed.

Run test ads to see if property is a good Airbnb or lease option candidate. Based on feedback set exit strategy.
If Airbnb- hire cleaning company to handle cleaning between stays. Provide extra linen for clients.
If lease option Tenant buyer look for highest lease option candidate.

I have not had a deal like this before. Interested in what your solution was and what you learned from it.
Regards,
Mary

[Mary McDonald]

Mary McDonald

Jackie,
I would pay for an inspection on the property, no visit personally.
I would contact local mortgage brokers, realters to see if they know of any potential Tenant buyers who don’t qualify for bank financing but who have ok credit, a nice down payment and want to build their credit, then refinance in a few years.

[Mary McDonald]

Mary McDonald

Hi Jackie,
Hi, I am new to this group. I am giving 3 options instead of 2 as I have been focused on Wholesaling this year.

Off the top of my head, here it goes…

Seller in CA, probate
House in OK
3bd 2ba brick
Needs updating
Zillow price 145k
Nice looking, nice neighborhood
No mortgage
No taxes owed

Offer 1  full price offer if 145 kon Lease option 5 yrs interest only pmts of 1289 with 500.00 deposit

Exit strategy
Sub Lease with 4yr option to buy at 160k to tenant buyer  1689/month
With 16k deposit min

Offer 2 ARV 199k
  – Repairs 25k
– holding costs (15k × 6) 9k
– insurance 1k
– profit 25k
Mao = 140k
Exit strategy 2
flip it  for 199k

Offer 3 wholesale
145k x .73 = 104,250 to buyer
Exit  strategy  wholesale it
-10 k fee 94250
Mao Offer 94250

This will be fun to see what others say..
Regards,
Mary