Need A Note!

Hello All,

Most of my $$$ are tied up in three hard money rehabs. The houses are rented and paying for themselves but the cash-out refi process is taking a while and I am about to miss what looks like a good deal.

Rather than miss more deals I would like to find an investor to put up the "move out and repair" money with the house as collateral.

I am trying to get back into Gwinnett County. This deal will require $10,202.73.00 in "u-haul" money, arrears, etc. I will be purchasing the house Subject To the existing loan of $87020.93. Total Cost of $97223.66 plus repairs. I will be doing a walkthrough today to see what I can find on the inside. Looks good from the outside. Probably 4-8k max. Great area, easy to rent/lease option. I would definitely want to get a home inspection/repair estimate from a 3rd party acceptable to the lender before entering into any agreement. If the inspection is acceptable to the lender and they want to do the deal, we could roll the inspection into the loan, if not, I'll pay for it.

ARV should be about $140,000.
Subject house is 3BR, 2.5 Bath, 2 Story, Fireplace, 1983, 2 car garage, on a nice lot:


Property Characteristics:
Gross Area: Parking Type: PARKING AVAIL Construct Type:
Living Area: 1,396 Garage Area: 480 Heat Type: WARM AIR
Tot Adj Area: Garage Capacity: Exterior wall: FRAME
Above Grade: Parking Spaces: Porch Type: OPEN FRAME PORCH
Total Rooms: 6 Basement Area: Patio Type: CONCRETE/MASONRY PATIO
Bedrooms 3 Finish Bsmnt Area: Pool:
Bath(F/H): 2 / 1 Basement Type: Air Conditioning: CENTRAL
Year Built / Eff: 1983 / Roof Type: Style: CONVENTIONAL
Fireplace: 1 Foundation: Quality:
# of Stories: 2.00 Roof Material: Condition: AVERAGE
Other Improvements:
Site Information:
Zoning: R75 Acres: 0.28 County Use: SINGLE FAMILY
Flood Zone: X Lot Area: 12,008 State Use: RES-LOT WITH IMPRV
Flood Panel: 1303220170C Lot Width/Depth: 76 x Res/Comm Units: /
Flood Panel Date: 05/04/1992 Site Influence: Sewer Type:
Land Use: SFR Water Type:


Prior sales on same street:
Comp#: 1 Distance From Subject: 0.01 (miles)
Address:
Owner Name: Total Living Area: 1,632
Seller Name: Total Rooms: 7
APN: 6-183-074 Land Use: SFR Bedrooms: 3
County: GWINNETT, GA Parking: Bath(F/H): 2 /
Sale Price: $133,661 Prior Sale Price: $94,000 Year Built: 1983
Recording Date: 08/05/2003 Prior Recording Date: 07/05/2001 Air Conditioning: YES
1st Mortgage Amount: Lot Area: 12,008 Fireplace: 1
Total Assessed Value: $120,900 Number of Stories: 1 Pool:


Comp#: 2 Distance From Subject: 0.07 (miles)
Address:
Owner Name: Total Living Area: 1,344
Seller Name: Total Rooms: 6
APN: 6-183-066 Land Use: SFR Bedrooms: 3
County: GWINNETT, GA Parking: Bath(F/H): 2 /
Sale Price: $133,900 Prior Sale Price: $89,000 Year Built: 1983
Recording Date: 07/01/2003 Prior Recording Date: 07/28/1997 Air Conditioning: YES
1st Mortgage Amount: $131,831 Lot Area: 11,872 Fireplace: 1
Total Assessed Value: $119,100 Number of Stories: 1 Pool:


Comp#: 3 Distance From Subject: 0.07 (miles)
Address:
Owner Name: Total Living Area: 1,582
Seller Name: Total Rooms: 6
APN: 6-183-084 Land Use: SFR Bedrooms: 3
County: GWINNETT, GA Parking: Bath(F/H): 2 / 1
Sale Price: $147,000 Prior Sale Price: $121,500 Year Built: 1983
Recording Date: 06/02/2003 Prior Recording Date: 07/25/2001 Air Conditioning: YES
1st Mortgage Amount: $142,550 Lot Area: 14,220 Fireplace: 1
Total Assessed Value: $123,900 Number of Stories: 1 Pool:


Comp#: 4 Distance From Subject: 0.03 (miles)
Address:
Owner Name: Total Living Area: 1,396
Seller Name: Total Rooms: 6
APN: 6-183-020 Land Use: SFR Bedrooms: 3
County: GWINNETT, GA Parking: 2 Bath(F/H): 2 / 1
Sale Price: $157,300 Prior Sale Price: $86,000 Year Built: 1983
Recording Date: 05/20/2003 Prior Recording Date: 04/22/1994 Air Conditioning: YES
1st Mortgage Amount: $154,700 Lot Area: 13,430 Fireplace: 1
Total Assessed Value: $125,600 Number of Stories: 2 Pool:

Comp#: 5 Distance From Subject: 0.12 (miles)
Address:
Owner Name: Total Living Area: 1,582
Seller Name: Total Rooms: 7
APN: 6-183-061 Land Use: SFR Bedrooms: 3
County: GWINNETT, GA Parking: Bath(F/H): 2 / 1
Sale Price: $145,900 Prior Sale Price: $91,800 Year Built: 1984
Recording Date: 05/05/2003 Prior Recording Date: 05/23/1996 Air Conditioning: YES
1st Mortgage Amount: $141,500 Lot Area: 12,300 Fireplace: 1
Total Assessed Value: $123,300 Number of Stories: 1 Pool:

If interested in partnering with me on this deal (or any others I find) please contact me at 404-388-1283 or pm me here. I am doing this full-time.

Thank You,
John Clark