Non-performing note in Zanesville OH for sale - $25k

[Wayne Snell]

Non-performing 1st position note in Zanesville, OH that we bought in July, 2016 but due to a servicer totally screwing up the transfer and then getting out of the business we are only now getting the loan transferred to us in Jan 2017... Finally. So that delay has killed our ROI projections if we see the workout through. You would benefit as a new owner...

The property is 830 Warwick Ave, Zanesville, OH 43701. It is going to need a foreclosure since the owner is deceased. My Ohio attorney (he is excellent BTW) said it isn't that much work to do the FC, but it probably will take 8-9 months. The BPO on property is $45k as is, O&E clean. Both provided on request. Price to FC in OH is right around $3,500 all in. This one was a pretty good deal because the note is actually for three properties. The house sits on one of them, and there are two parcels to the right of the house. Then you try to sell the whole thing as-is (if possible) at the sheriff sale. But if it doesn't happen, then our local realtor recommends that the 3 parcels of land be re-platted into two (2) parcels (e.g., combine the 3 to make 2 bigger ones) with the house on one of them, and the other a vacant lot.

Replatting doesn't cost a lot and usually takes two weeks. Once you get the properties re-platted, you can sell the property containing the house, and sell the vacant lot to a spot builder. I can help connect you with attorney/realtor if you decide to purchase. Price to purchase from us is $25,000. Buyer then has additional $3,500 FC fees + $5k cleanup/light rehab + $2,500 taxes/servicer fees = $36k total investment for buyer. This one should return ~25%. Happy to walk through the numbers for a serious inquiry.