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$365k SFR 3/2 La Quinta, CA available now @ $2650 monthly

Home Forums General Deal Makers -Ground Partner Request – Investor Needs – EHT Opportunities $365k SFR 3/2 La Quinta, CA available now @ $2650 monthly

This topic contains 11 replies, has 0 voices, and was last updated by Avatar of areyes areyes 10 years, 5 months ago.

Viewing 13 posts - 1 through 13 (of 13 total)
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  • #5716
    Avatar of areyes
    areyes
    Member

    NEO is signed.

    $365k MAV
    5% plus 2 months
    $2,650 monthly

    Payments are current.

    Factored in a $300 positive cashflow, $15k bumped equity, 25% of equity share. Willing to split profits.

    Investor beneficiary will retain 25% ownership in the trust.

    80902 Calle Azul, La Quinta, CA 92253

    3 bedroom
    2 bathroom
    1 car attached garage / Plenty of outside parking
    Approx 1,608 s.f.
    Age = 4 years
    Completely Furnished
    Plasma & Home Theatre System
    Low Maintenance Home

    Community = Puerta Azul – gated
    Two (2) Community Swimming Pools
    Two (2) Community Spas
    Club House with Gym, pool table, ping pong, poker tables, kitchen, family
    room
    Putting Green
    Tennis Court
    Bache Ball
    Quiet and Secure













    #29721
    Avatar of rick
    rick
    Participant

    Alvin,

    Does the $2,650 include PITI plus HOA?

    What kind of loan do they have?

    Thanks,

    #29722
    Avatar of areyes
    areyes
    Member

    hey rick!

    $2,650 is the NNN which includes PITI, HOA, trustee fee, $300 positive cashflow.

    its a 5/1 adjustable ARM.

    trust term is 10 years

    #29723
    Avatar of rick
    rick
    Participant

    Alvin,

    that is just a little over 7% interest at 315K. nice job. When the payments adjust, is the owner going to pick up the difference?

    There are a lot of folks that have lost there home to foreclosure that can afford this payment. They want back in the system and you have the perfect setup on this one.

    You might want to check your square footage. Zillow shows over 1700.

    #29724
    Avatar of areyes
    areyes
    Member

    the loan amount is about 300k.

    owner is a direct lender and calculated it as a 4.8% effective interest rate

    he can easily compare this to a buyer who’s been turned down for a loan to get into this property at 4.8% rate.

    it depends. ive asked him and its better than eating an $800 neg cash flow.

    fair market rent is $1500

    i believe i had the NEO at a variable so he will have to make sure the RB can pick up the adjustment

    yea i told the seller to log into zillow and added my creative description.

    the sqft i got from the owner directly.

    yea the 18 properties that i had in the past years were really bad.

    this one stands a good chance of closing

    #29725
    Avatar of mark_azevedo
    mark_azevedo
    Participant

    Hi Alvin,

    Looks like a nice place. Just curious what happened with it?

    Peace!

    - Mark.

    #29726
    Avatar of areyes
    areyes
    Member

    hey mark,

    i still have it under contract for 90 days. im cool with the owner and can extend it if necessary if/when it expires.

    i have my yard signs and craigslist ads posted.

    i also created a site for the property

    http://www.80902calleazul.com

    im working the realtor/broker route to get referrals on their buyer turn downs.

    #29727

    Alvin,

    Would fractional ownership work on this one?

    What do you think?

    #29728

    That would be a vacation rental or “timeshare”.

    #29729
    Avatar of areyes
    areyes
    Member

    @EmeraldValleyEquities wrote:

    Alvin,

    Would fractional ownership work on this one?

    What do you think?

    Probably. I’d just have to ask the owner.

    #29730
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    This looks like a wonderful place. Why do you think you haven’t found an RB for it yet? Could it be you want too much upfront or is the monthly payment too high? Why not ask the seller to contribute to the monthly and lower your entry amount to say 3%?

    #29731
    Avatar of areyes
    areyes
    Member

    @Scott_L._Moyes wrote:

    This looks like a wonderful place. Why do you think you haven’t found an RB for it yet? Could it be you want too much upfront or is the monthly payment too high? Why not ask the seller to contribute to the monthly and lower your entry amount to say 3%?

    I have a potential RB with the full 5% @ $21,000 and can afford to pay the full $2,650 a month. The couple are living in a resort right now. Right now we’re verifying the 5% and if the monthly payments before we show them the property.

    I can go down to 3% and down to $2,350 for break even.

    Majority of the properties there are 2nd homes or vacation home since it’s a in the desert.

    Yes seller is willing to contribute to the monthly since the property is vacant. Fair market rent is $1600 and his ITI and HOA is $2300.

    If the funds are verified and they like the showing, then we can open up escrow and start the trust process.

    I’m kinda nervous because I just don’t want to mess up.

    #29732
    Avatar of areyes
    areyes
    Member

    I’ve never experienced the escrow and trust setup process so hopefully you or Dave can help close this one out.

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