What's Your Latest Deal?
Hello, all.
I was just wondering, what's your latest deal? I know that we all help one another with advice and direction, but I'd really like to see more of not only what you're doing today, but how you put the deal together to make it happen.
Deal 1. We got a foreclosure last week which we're working on. No money down! How? We used a partner's money.
Deal 2. We just got financing on another duplex in VA. We're going to live in this one. No money down! How? HELOC from one of our properties. Equity farming is a beautiful thing.
Thanks,
OnTheWater 
Well, today i went to three town assessors offices, asking about properties i have driven by. One property is a house, and 55 acres. I just mailed out a letter to the owner, telling them I am looking for a large parcel of land, to subdivide under HUD expectations, and build low income rances and capes, for under 150k. Hopefully she will say yes. if i get 30 acres, can build up to 60 houses for 150k each. After expenses, i should have made a pretty good profit. I hope she says yes!
[addsig]
Hi, OnTheWater,
Here are a couple of mine:
1) Pulled equity from one house, (2nd TD), to use as down on a HUD purchase, which was done with a hard money loan. Deal was no-cash out of pocket, no loan qualifying, medium rehab, great equity.
2) Recently refi'd a property that the previous owner had carried paper. He had owned it free and clear and so when I refi'd and he was paid off, I knew he had a pile of unexpected cash so I approached him on financing another deal for me. I had made perfect payments with 9% rate and he was happy to oblige. The new loan he will do for me is a full price loan - I will pay closing costs only, clean acquisition with no loan contingencies.
A little brain, a lot of perseverance and faith in the theory of it all.
-noel