Opportunity in Ft. McMurray

[DavidMacDonald]

Hi Everyone,I received a call from a homeowner and it looks like it could be a good opportunity...


First of all, this is a mobile home. The seller told me that she owns the land, so there are no lot fees or rental fees, just taxes.

Appraised value = $285,000
Asking = $200,000
Owes = $200,000
Payments = Behind 2 months @ $1100/mth

The house apparently doesn`t need any repairs and is currently vacant. So far it looks like a prospect, but of course, more due diligence is necessary before coming to a final decision.

It would be very difficult for me to take this to the next level while living in Edmonton and working a full time job, but I`d like to see if any of my fellow REIN members would be willing to explore this opportunity with me so we can help her out together!


Let me know if you`re interested and we`ll chat...780-983-9392.


Thanks!

 

[tonypeters]

David,I transacted on a similiar (mobile home on its own lot) deal a few years ago. I helped a "motivated" seller with their problem. I pocketed $1,650 per month in positive cash flow for two years, and made $165k on the deal! I also helped somebody realize "the ultimate dream of owning their own home". Truly a Win, Win for all stakeholders involved!

I would be happy to discuss this deal with you further if you are interested?

QUOTE (DavidMacDonald @ Dec 21 2009, 09:41 PM) Hi Everyone,

I received a call from a homeowner and it looks like it could be a good opportunity...


First of all, this is a mobile home. The seller told me that she owns the land, so there are no lot fees or rental fees, just taxes.

Appraised value = $285,000
Asking = $200,000
Owes = $200,000
Payments = Behind 2 months @ $1100/mth

The house apparently doesn`t need any repairs and is currently vacant. So far it looks like a prospect, but of course, more due diligence is necessary before coming to a final decision.

It would be very difficult for me to take this to the next level while living in Edmonton and working a full time job, but I`d like to see if any of my fellow REIN members would be willing to explore this opportunity with me so we can help her out together!


Let me know if you`re interested and we`ll chat...780-983-9392.


Thanks!

 

[marcp]

David,

The seller of this property also contacted me through my web site (igottasellfast.com).

The property is currently listed on MLS for 244K, with a comment from the realtor that it is priced for a "quick sale", yet another trailer nearby is listed for 234K.

I don`t know where the owner came up with the 285K, but there were no other properties in that price range in the area.

Still, if Tony can make it work for you, that would be great!.

Cheers,

 

[DavidMacDonald]

Thanks for the info Marc!

I didn`t really get much more information from her once I heard it was in Ft. Mac. I`ll be following up with her tonight to see if it`s worth while to take the next step.

I`ll keep you updated!