1918 Long Bay

Middleburg Florida

 

1918 Long Bay Rd,Middleburg, FL 32068

3 beds5 baths2,042 sqft (correction there were not 5 baths on this house)

This is a sprawling home on over an acre of land. It has a bright and airy Sun Room. The huge Kitchen features a center prep island and brick oven. The Master Bedroom has a corner fireplace and huge private bathroom. There’s a detached 2 car garage with extra space for storage and hobbies. The home has a new roof.

1918 Long Bay Rd

Middleburg FL

Asking: $114k as of May 26, 2018

Offer: $105k

Rehab: $80k

ARV: $245k

Potential Profit: $60,000

Can you do 60-90 deferred on a 12 month interest only with no early termination around 8% on $168k with 10% down?

Can you please lay out what fees are involved and how you manage the rehab loan? is the interest based on what you outlay i.e. purchase price (which will are still negotiating) + rehab think we are close on that, or how do you guys calculate that?

We are ready to move now, so need to make a move either with you or with some other lender. We project that we will start end of the month first of June, should be marketing first of august and sold by September November. So would pay off when sold. Would you guys take out a first position lien for the purchase and 2nd position lien for the rehab. Just trying to get a feel for your model?

Family Room Foyer

Master Bedroom
Master Bath
Kitchen with Wood Burning Stove
Nice Sized Two-Car Garage
current floor plan – we would modify this some

 

Fannie Mae must be playing games. We turned in an offer on this property, when we were instructed that highest and best were due. We started at $85,000, which I considered the shape that it is in, and the cost of rehab, was a fair offer. On Wednesday, we were told that Fannie Mae was negotiating with another investor. So that drags on for the remainder of the week. Then we are told that the investor has backed out, and that was expected, because the game now is to over offer, get on the phone with Fannie Mae and try to get the down on the price. Then on Saturday, I was looking up the property and realized something was not quite right. There had been a price reduction of $5000.00, which we had no notification of from our realtor. I texted him, and asked what was going on. He said that he checked and our offer was still in as active. Now we are $9000.00 from the asking price. We did bump our offer up to $105,000.00 against my better judgement. But when you are in a partnership, then both sides have to be considered. On this one, I think the offer is a bit aggressive. At any rate, as far as I know, we still have an active offer on this property, and have to wait until Tuesday because everyone is on Holiday. You know the economy is doing better when everybody is taking Memorial Day off.

 

At any rate, will keep you posted on this one and see where it goes. Our estimated rehab cost is $70,000. I just need to make sure we stay under that. We intend on turning this into a 4BR 2BA and adding a front and back porch.