Title Rehab.....with Final Numbers!
This is a pay-it-forward post, inspired by @J Scott On J's newest site, thescottpad.com, he says that the analysis and the numbers are some of the pages people visit most. I know this was true of me when I discovered J's flipping site, 123flip.com, a couple of years back. I studied the numbers and pictures over and over. It helped me get over my fear of rehabbing.
So, in the spirit of detailed numbers, I'm posting a deal I completed this summer. I often find it difficult to describe what I do. And I get asked a lot! I'm not really a wholesaler. Certainly not always a rehabber. Sometimes I buy interests in estates. Sometimes I lend. Mostly, I do a lot of problem solving. I work deals that come my way with the tools I have at the time.
The numbers below are from a deal this past summer. A 2/1 condo, in a good area. It had a few problems. The mortgage was past due about 8 months or so, but with a title flaw delaying the trustee's sale. It was tax defaulted. There were HOA liens and the seller was being sued by HOA. Property had a tenant, a family friend, that hadn't paid in many months. And wasn't going to. Seller lived out-of-area and couldn't/wouldn't deal with the tenant. And couldn't/wouldn't visit the property. She had personal property she wanted to recover from the condo.
I bought the property subject-to the existing financing, solved the problems and resold it (as-is). I've taken out the names of the parties and companies involved, but these are pretty much the exact and final numbers. Questions?