Partial funding needed to complete my short sale deal

[Peter J Hackett]

I have negotiated a great deal on a short sale propertyin Pennsville, NJ. Private funding has fallen through and I do not wantthis deal to collapse and jeopardize the deal and even more importantly,the relief this deal would bring upon the homeowner. Wells Fargo hasagreed to waive the deficiency judgement.  The property is a conservative ARVof 130k, I am purchasing it for 67k, and my rehab is 15k. For those ofus who have been in this business awhile we know things happen so I havebudgeted an additional 10k for contingencies. So the need is for 42K since I already have 50k
 Iwill pay 9% interest and 6 points, balloon.
Estimated time to payback loan = 4 months


Closing nlt July 16, 2010

Synopsisof work to be done:
Note: Basic objective with rehab is to keephouse affordable for the majority of purchasers while providing thebuyer with a better than expected product
SJD Property management/contractor: repair/replace electricaloutlets and covers, install ceiling fans w/lights, remove tv antenna andpoles.  Remove glass panels between dining room and living room tocreate openness.  Kitchen, replace cabinet doors with glass.  Newrange.  Bathroom, remove arch above shower stall to create openness,replace fixtures, replace tub surround, install pedestal sink.  Removetree limbs overhanging house.  Repair back porch, install new footings,steps, screen.  Landscape yard.  Replace small section of roofing withrubberized roof.
Connelly Wallcovering and Painting: Pressure wash exterior, paintinterior, paint exterior
Lee's Hardwood floors: Sand andstain floors on 1st floor.   replace damaged/missing wood where needed

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[Peter J Hackett]

Edgardo,
Yes,
I was able to get funding. Primarily because of my reputation, my network, and the fact that this is a great deal. There are many really great people in this business who actually "Get It." They understand what money can do, when it is allowed to work. So, as you go forward, find the deal, the monies will come.
Thanks,
Peter

Edgardo Saldana said:

any luck I seeking funding for similar projects.

Edgardo

[Peter J Hackett]

Michael,
Sorry I did not see your reply earlier. I was able to get all the funding for the deal. Fortunately I carry a very good reputation and had a few associates who had available cash. It was almost funny. So many people were willing to lend to me on this deal but so many had their funds tied up in other deals. Real estate is location location location, and timing, timing timing.
Thanks again.
 
Peter

Michael Curran said:

If the deal makes sense, I have access to money, Call me 732 236-6166

[Edgardo Saldana]

any luck I seeking funding for similar projects.

Edgardo

[Michael Curran]

If the deal makes sense, I have access to money, Call me 732 236-6166