Seattle Short Term Hold at 15% Returns

3 Replies

Price $500,000
Location 9950 14th Ct S, Seattle, WA, 98108
Property Details

Single Family Residence

  • Current Rent: $0
  • Square Footage: 2370
  • Bedrooms: 6
  • Bathrooms: 3.0
  • Occupied: Yes
  • Lot Size: 21160

Over half acre setting enjoys views of Seattle, Duwamish Valley and beyond. Remodel in 2012 includes: Roof, gutters and downspouts, siding, dbl windows, foundation enforced w/drains, outdoor steps and retaining walls, deck and porch. Interior: New flooring, baths and kitchen w/all amenities, electrical, plumbing updated, new gas furnace and water heater. Finished lower level; Zoned R6 possible to subdivide for future development

Ok, here's the scoop owner wants to get cashout and rent back for six months at 5% interest only and than buy back back property at 15% of the original purchase price.  I'm only charging 2% fee on this deal, PM for details. 

Hi Quito, I'd like to understand the terms a bit more. Can we have a phone conversation?

What's the end game for the seller with this deal? Fix it up with the cash out and re-purchase with a new mortgage after 6 mos?

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