Starling-the bank countered at $135,000. I declined. ARV was 192,000 per appraiser so at 70% my HML would have only covered the acquisition price and I would have had to fund improvements out of pocket. Even with $1,000/ mo cash flow it would have taken 3 years to get back may OOP. Doesn't fit my critic, so I'm out.
Contract was submitted on Talisman at $70,000, with approximate $10,000-$12,000 rehab at the high end. ARV at around $125,000. Holidays will delay hearing from FNMA.
My realtor, Lisa Richardson, would like to meet all of you and let you know how she does what she does, and how she can help all of us. Contact me and let me know what would work for you...evening, weekend, whatever.
Also, congratulations to Dan Turner for his upcoming closing on his first property this next week. I will try to get him on a conference call soon so we can discuss his property and you can ask him questions on how he did his property. Again, a Skype conf call or I'll do a go-to-meeting deal. Let me know your thoughts and I'll arrange it.
Mark
