Hi Fellow BPers,
This is a success story about a non-performing note backed by a 2nd trust deed we exited this week. Here are the facts:
- We purchased a non-performing 2nd from a fund in June, 2015 for $4,000
- The house backing the mortgage is located in Portland, OR and is worth at least $125,000
- The 1st mortgage balance is $40,000 or less and has been paid down for 19 years
- The borrower stopped making payments on this 2nd about 5 years ago
- We started the foreclosure process immediately and the borrower paid us off in full 3 weeks before the trustee sale
- Note purchase price: $4,000
- Expenses: $2,279
- Payoff amount: $20,227
- Profit of $13,948 or 349% in 6 months
How does everyone like this investment we worked on? Thanks for viewing our post.
That is a fantastic story and a very quick timeline to profit Congrats
Awesome news Gabe! Congratulations!
Nice investment. What's the breakdown on the expenses? Interested to hear what it entails.
Thanks, guys. @Garry C. Hi Garry, expenses were: $1,701 foreclosure fees (later reimbursed by borrower), $578 were for loan servicing, recording fees, and document scrubbing and storage.
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