InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Dumb Luck!! ! Again!!! Posted by art on August 14, 2003 at 6:40 AM In Reply to: Dumb Luck!! ! Again!!! posted by art on August 12, 2003 at 9:10 PM : I closed on a contract to reinstate(53k) on a conventional 1ST Loan of 400k scheduled for sale taking "subject to" a small private 2cnd loan of 10k. My agreement was to reinstate only until after the close of escrow. The sale which was to take place the day after the close was just cancelled because ..... drum roll please....................THE SECOND (which I figured was planning to walk from the deal) REINSTATED THE FIRST !!!! So I only had to put up 5k for closing costs and only need maybe 20k at most to clean up property with a realistic net profit of close to 100k after all is said and done. Now that's why I got into this business!! Jim and others: Here's the deal: 1st loan 400k ( take subject to) arrears on 1st 53k ( what 2cnd reinstated) 2cnd loan 10k ( take subject to) other jrliens 30k ( take subject to) closing costs 5k ( what I put up) est fixup cost 20k ( what I will put up) est carry cost 15k ( take subject to ist loan of 3k per mo based on 5 mo hold - by the time they refile their nod I will have already resold the property) closing cost on resale 7k ( comes out of resale escrow) total cost 540k est net resale price( after 2.5% comm) 640k est net profit 100k ( based on 25k investment and 5 month hold - ridiculous roi!!!) Hope this explains better Follow Ups: Marvelous, simply marvelous!! Ward-CA- 6:53 AM, 08/14/03 (2) Re: Marvelous, simply marvelous!! Jim 11:45 AM, 08/14/03 (1) Re: Marvelous, simply marvelous!! art 2:47 PM, 08/14/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : I closed on a contract to reinstate(53k) on a conventional 1ST Loan of 400k scheduled for sale taking "subject to" a small private 2cnd loan of 10k. My agreement was to reinstate only until after the close of escrow. The sale which was to take place the day after the close was just cancelled because ..... drum roll please....................THE SECOND (which I figured was planning to walk from the deal) REINSTATED THE FIRST !!!! So I only had to put up 5k for closing costs and only need maybe 20k at most to clean up property with a realistic net profit of close to 100k after all is said and done. Now that's why I got into this business!! : Jim and others: : : Here's the deal: : 1st loan 400k ( take subject to) : arrears on 1st 53k ( what 2cnd reinstated) : 2cnd loan 10k ( take subject to) : other jrliens 30k ( take subject to) : closing costs 5k ( what I put up) : est fixup cost 20k ( what I will put up) : est carry cost 15k ( take subject to ist loan of 3k per mo based on 5 mo hold - by the time they refile their nod I will have already resold the property) : closing cost on : resale 7k ( comes out of resale escrow) : total cost 540k : est net resale price( after 2.5% comm) 640k : est net profit 100k ( based on 25k investment and 5 month hold - ridiculous roi!!!) : : Hope this explains better Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction.

Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455