You finance the 2 and l basic reno yours for you free?

[blaster]

Hi Mob , l'm new here and l have an idea for an IP l want , l'd like to know what you think and would it be doable .

The one owner has two houses side by side up for sale. Either as two or individually . They are a bargain and with high rent demand and as two , open the chance for a bulk offer on the two combined saving more .
l had been eyeing the first house off since before christmas and l would still love to get it but my financing situation is complicated this year.

l'm thinking .
What if l got someone to buy the two and they then finance the one l want - back to me for no money down and at good rates but - in exchange l will do a basic reno [ labour that is ] on theirs for say close to free , perhaps say the equivalant of 10% deposit [$11,000] deducted only , off the the house in the two that l want but apart from that being side by side, l will do there's along with mine .

l love doing this stuff and have done 3 houses already , so especially being side by side the way they are it wouldn't bother me at all and with both these houses even a basic tidy up would comfortably add 30 % value each , bigger reno would be a comfortable 70-100% going on prices of similar in the area.

Both would be very close to cash positive especially with a clean up and good finance now but - there is also a future gasworks due to begin within a year or so about 20 k away.
You have probably seen what projects like that do to house and rental demand.

What do ya think. The houses are in a thriving regional Vic area .

Cheers
Blaster

 

[geoffw]

Blaster

If I had some money to spare, I would be very wary.

You haven't been on the forum before, and now you're asking for an investment.

Even if you had been around for a while, I wouldn't like you chances.

Many of us have had a lot of appeals for much more attractive investments- at least as far as knowledge of the person or company, and in terms of a concrete offer.

 

[kathryn d]

Ask the owner if he would be willing to do a vendor finance or other ways to enable you buying the properties without any money down.

 

[blaster]

Thanks Geoffw.
Yeah l see where your coming from don't worry . l have been a guest in this one for awhile guess l should have joined sooner. Unforunately these two have just come up as one over xmas and l'm afraid they'll go before l can get mine. l didn't really mean it as asking for finance as such , more an opp' for us both but anyway.
l can't really see a problem though with waryness because no body gives me anything l don't own them. They are with a real estate so a buyer would just to do their own D&D on it and on me and make up their own mind . If any deal was struck between us it'd all have to be contracted anyway so .
Sorry if it sounded suss , quite hard to explain really.

Thanks Kathryn.
Thought about the owner but they are in a real hurry , think they must be heavily committed in something else so l wouldn't like my chances but .
The real estate has emailed me a few times now very keen so l was thinking of explaining that my situation is abit tricky right now however l would like the house. lf the owner would like to somehow make it doable for me l will take it as such a such price and leaving them to think about it - never know .

Cheers
Blaster
PS , Hey Geoffw my user name wouldn't help much either would it !!!!!!!

 

[Dazz]

l was thinking of explaining that my situation is abit tricky right now

...yeah, you've mentioned this twice now....your financial situation is a bit tricky.

Why not give it your best shot and explain your financial situation in detail. If anyone is going to support you financially - like you are calling for - you are going to have to do way better than this.

So.....what exactly is the situation ??

 

[GordonGekko]

and it says "free" not 11.000$.... thats a bit iffy too. and $11000 of labor is a lot i think? my friendly builder does my building for $20/hr ... soo thats 550 hrs!

we will always take better care of whats ours than someone elses.

 

[wylie]

$20 per hour for a builder is a bargain. Is that "mates rates"?

Hang onto him.

Wylie

 

[handyandy]

$20 per hour for a builder is a bargain. Is that "mates rates"?

Hang onto him.

Wylie

No don't hang on to him, send him to ME!!!!

Cheers

 

[GordonGekko]

well i do fix his pc / network often without charge ;-)

ps. even this is a great friend of mine , i often have to endure the ehmm next weekend ok?

 

[blaster]

...yeah, you've mentioned this twice now....your financial situation is a bit tricky.

Why not give it your best shot and explain your financial situation in detail. If anyone is going to support you financially - like you are calling for - you are going to have to do way better than this.

So.....what exactly is the situation ??

Hi Dazzling.
Mentioned it twice - it was in different context as you know .
lf you were interested l'd happily explain my situation privately but l know you wouldn't be so l won't bother blurting it all out here .

Hi Gekko. A 20 dollar an hr builder - man hope you look after him poor bugar must be going broke.
Youknow you have a point - $11,000 would buy abit of building - see that's what l'm after,
so do you think that's unfair ?
l sort of thought well l show them the prop' , it's a very good buy that l've checked out and found and then buying the both they would get 20 - 30k off so in a way , the $11 doesn't even exist anyway eccept on paper as my deposit so to speak .
That's the way l was looking at it but it's hardly in stone. Seems like a more than fair deal for both to me though but l'm open . lf they liked it we can talk from there !
l could have just the one l want wrapped l guess , considering it - it'd hurt the cash /p though and me too ofcause .
Blaster

 

[GordonGekko]

ahh its not his full time job .. he's got a full time job elsewhere.... ;-)

 

[blaster]

Was that 800 on your first deal - hooley dooley thems allot of peanuts on your first deal - your a natural man.

Anyway , what else can l do with this place . I don't wanna put any cash on it because it's in shares right now and doing well there.
l'm self employed and l also expect to be buying a new place in my own area later this year which l'll need all ready cash for .

l'll have to work on the owner/realestate as l go , never know.