Have Good Deal, Need Money - Posted by Al (NJ)

Posted by Wm McGill on July 07, 2001 at 21:28:01:

Contact Stan Karitko 973-374-1700. Say that McGill referred you.

Have Good Deal, Need Money - Posted by Al (NJ)

Posted by Al (NJ) on July 07, 2001 at 15:34:37:

Hi All,

To begin with I would like to appologise for posting this on more than one forum at CREOnline. I found a property that is in need of beeing rehabed. It is in Morris County NJ. The seller is asking $135,000. With a rehab budget of $20,000 the property could sell, once rehabed, for $205,000 - $230,000 depending on the structure of the resale contract. I would like to purchase the property, rehab it and sell it at $330,000 by holding a second mortgage, which would essentially make it a no money down deal for the buyer.

As I have mentioned in previous posts, I have lost similar deals to “All Cash” offers and do not want to lose this one. The profit potential is too great, by my standards (this would be my first deal). As I see it I have two options. The first is to use hard money to aquite the property and then seek a private investor to finance the reha in exchange for a mortgage at a primium. The second option is to find an investor who would handel obtaining the money for the deal while I do the work. We would then split the profits.

As I have mentioned above, if we (partner & I)hold a note for a year or so, as to offer a no down purchase, our profits can be in the area of $70,000. $45,000 of that would be split at closing, while the remaining $25,000 will come in a year, with interest payments.

This would be my first deal and I need help. If anyone can invest or know someone who would, please write me!

Thank You All!

Al (NJ)