22 Cents On The Dollar
I have read many stories on this site and others about deals like this. Finally, I found one in my area. I located a property 20 months ago and started researching it. Finally, today, we foreclosed on the house and now own it.
We found out who held the note; it had been sold twice and was a non performing, first postion note. The orginal loan amount was $140,000 with a second mortage of $40,000. We bought the 140K note for 30K. After many up and downs from dealing with the title search - assignments not recorded, businesses using DBA names that were not on record, to going before a municipal judge to delay the demolition of the property to actually taking possession, this has been a blast! Now the work begins this week on the renovation. The property, once repairs are complete, should sell for 180-220. As many will tell you, you make the money when you buy, not when you sell. More details to follow.
Congrats on the deal.
Yes, the hunt was fun. Now, the work begins! Actually, my wife loves this part the best. The roofer will begin this next week and we should be completed with all renovations within 2 months. Let the fun continue!
Build that equity, baby!
even easier, if she willing to take back a note for X yrs until the market turn?