6 Replies

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $10,000
Cash invested: $19,571

Purchased: Nov 1, 2019
Indianapolis, IN 46208
Purchase Price: $10,000 sub2 two liens
Closing Costs: $1037
Repairs/Utilities/Legal: $19,571
Total Project Cost: $30,608 (paid)

Refinance: April 2, 2021
Appraisal: $60,000
Loan Amt: $39,470 (66% loan-to-value)
Loan Fees: $1961
Loan Rate & Term: 4% for 25 years

Monthly Payment: $208.34
Remaining expenses: $316.54
Total Cost per mo: $524.88
Rent for $799/month
CASHFLOW: $274/mo ( $3288/yr on $ZERO invested = Infinite ROI )

What made you interested in investing in this type of deal?

Psht .. pick up a house in pretty good condition for only $10,000 ??? Who wouldn't?

How did you find this deal and how did you negotiate it?

Wholesaler posted it on Facebook!

How did you finance this deal?

CASH from my Home-Equity-Line-Of-Credit

How did you add value to the deal?

Cosmetic repairs and little bit of flooring.

What was the outcome?

$ZERO dollars left in the deal. $6901 paid by the bank to me to own the property.

Lessons learned? Challenges?

Don't be afraid of a subject-to deal with AWOL lien holders for only $10,000. Quiet title and it is yours.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Great Real Estate Attorney in Indianapolis that helped me with the Quiet Title. Send me a message.

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