Note Deal Exit via Full Payoff

[Gabe K.]

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

Final numbers:

• 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.

[Wayne Snell]

Awesome news Gabe! Congratulations!