Updated over 7 years ago on . Most recent reply
1st Note, 1st Flip
About two months ago I bought my first note with a JV partner, a contract for deed for $12,250. After receiving the notification of change in servicer, the borrower called with a desire to stay and reinstate. They also indicated that they had been making some catchup payments that we were also entitled to. So with the borrower's upfront payment of $1140 and they're catchup payments of $2600 we're looking at a 30.5% gross ROI in 2 months!
As if that weren’t enough, the day after receiving my first note payment I also received the first offer on my live-in flip after 2 weeks on the market. Although the foot traffic was solid (7 showings on a Thursday??) we had yet to get any actual offers. When we did, it turned out to be a full price offer! We’ll see how it works out, but quite the couple of days!