Looking To Raise $$ To Fund Purchase Of 1st TDs
The 1st is located in San Jose, CA and is a 12% balloon due in 12/03, 393K is the face value. SFR still present on property, value is in the dirt. Dirt alone is worth mid-500s.
2nd opportunity is a vacant lot w/ a basement dug in Cupertino CA. one subordinate note is in default (approx. 15K delenquency), I have the opportunity to purchase the 1st for 260K (10% note).
If foreclosure, short sale, or deed in lieu can be executed on favorable terms before 10/03, building permits can be reinstated. Construction costs 450K, sale price of completed home between 900K and 1.1M
Am looking to form a LLC to hold the note(s), but am open to discussing other structures.
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