A huge Real Wealth Congratulations to Dennis and Liz. They just landed a monster deal!!!! They are going to put almost $1000 per month in their pockets on this 1 deal. Wow! Plus they are sticking $2000 in their pocket at closing AND were able to successfully negotiate 0% Seller Financing for over 8 Years!!!! Talk about a great deal (see email below) The ironic part is that the seller backed out of this deal a month ago. However, it came up on Lizs 30 day calendar to re-submit and this time, the seller signed the contract!!! As I have always said, Dont ever give up on a deal and always re-submit your offers. Sometimes, the sellers situation will change. Great job Dennis and Liz. That is an awesome deal!!! Way to keep that Snowball Rolling. Chris ---------- Forwarded message ---------- From: Seasoned Funding, LLC Date: Sat, May 3, 2014 at 12:01 PM Subject: Deal :) To: Chris J. McClatchey Hi Chris, Just wanted to send you an update on the deal we just got under contract. We originally put an offer in and got a (verbal) yes on 1 month ago. The agent/seller backed out before signing the final contract and took another offer whos financing fell through. I resubmitted my offer exactly 30 days later and we got a yes (with signed contract) this time! Its so crazy how the universe works sometimes! Its 8 Units in Lake County and is 100% occupied in current condition. It currently has rents WAY below market but still cash flows around $600 per month ($300 JV Split) . Current leases are up anywhere from 3 to 5 months from now. Minor updates are needed to the units to get them rent ready again and rents can be increased significantly (old rents were $350 to new market rents being $450!!!). *One unit will remain occupied at $350 because he is on a 2 year contract for maintenance services on the property.* The pro forma cash flow will be $960 per month! Thats $480 per month for the JV partner which is a 10% return not including the equity on the back end. We expect less than 6 - 8 month turn around to get pro forma numbers on this property. Oh and I didnt mention this is 0% interest for 100 months, or just over 8 years! :) The best news is we found funding before we received the signed contract back from a partner that showed interest in working with us before and are going to put $2,000 in our pocket at closing! :) Were super excited about this one! Thanks for all your guidance and support. Regards, Liz Brumer & Dennis Smith myrealwealth
Posted on: Sat, 03 May 2014 17:58:25 +0000
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