This week on AskMike, Mike Moulton takes you on a ride in his MDU (Mobile Deal Unit) on the streets to a real estate deal that he is working on that requires a short sale. Mike discusses the deal overview on the way to the property and then debriefs afterward. This is an interesting deal because the loan is in a deceased borrowers name. Watch the video below for the details and see the numbers of the transaction below. Mike will introduce new videos as the deal unfolds. A special thanks to Tim from California for writing in and asking us to walk through a deal.
Here are the high level numbers for the deal (I update to more precise digits in a later video as we work the deal):
House value in market condition = $185K
Current mortgage balance (1 loan) = $176K plus a few back payments, interest, etc.
Estimated Repairs (carpet, paint, appliances, blinds) = $6K
Our offer to the lender = $130, 562 (we always offer a “calculated” number, not rounded off). Generally we take about 85% of what we think the BPO (broker price opinion) or appraisal would be, then 85% of that number (approximately).
If you missed last weeks video on “Can a Foreclosure Be Reversed Back to A Short Sale” then click the linked text.
Also, if you have a question you’d like answered, please visit our contact us page and submit it to The Sharp Investor.
Take Care and Happy Investing!
This week I answer a question from Mary from Wisconsin (definitely not a “cheesy” question . Her question was the second question we’ve had in the last few weeks on what real estate investment strategies are working in today’s market. I discuss buying wholesale and selling discount retail and how this works with any marketing strategy.
Be sure to watch the entire video because at the end I provide information on how to attend an 8 hour internet bootcamp at no charge on this topic. We are putting on this event with Judson Voss of GetRealREI.com.
If you missed last weeks’ video on my Short Sale Deal Case Study – Part 1, then be sure to click the text to see it.
Also, if you have a question that you would like addressed on AskMike, be sure to visit the Contact Us section and send it in. We will do our best to answer it on an upcoming episode. Of course we prefer real estate related questions. I did have someone ask me if my eyes were blue once. I do like questions about the topic of “me” but probably better to stick with real estate.
Take care and happy investing,