All Forum Posts by: Don DeMarco

This is a non-performing loan. Property is vacant

SFR
Handyman Special

Property: 3 Bedroom, 1.5 Bath
1300 sf living space
FMV: $55,000
UPB $67,189
Original balance: $55,250
1st Lien position Great for a rehab project:
Purchase price: $14,000 OBO
Rehab costs: $20,000
Foreclosure costs: $4,000
Sell for $55,000
Profit $17,000

Purchase price: $14,000 

This is a Single Family Home located at 1002 Mercer Street, Youngstown, OH. Property has 2 stories and a basement with 3 bedrooms, 1 bath with approximately 1,248 sf. of interior living space. Lot size of 7013 sf. and was built in 1910. Property is in the Oak Hill neighborhood (Mahoning county) Youngstown, OH.

Homeowners have lived in this home for 14 years, they fell behind on their payments due to illness and were overwhelmed with hospital bills. They have recovered and are back working where their payments are on time every month.

FMV of Property is estimated at 28000
Zillow Value $27,896
The UPB is $23,836 (New Mod. Amount)
Current Interest Rate 8.76%
Loan Term 30 yr fixed
1st Lien position
Monthly payments remaining 348
Monthly Payment: 200.00
Property Taxes $200.82 yr.
Property is occupied by homeowner
Original Purchase date 11/15/01
Next payment due date is 1/1/16Pick up this performing note and get a 12.1% cash on cash return.

This Asset is selling for 19,800.

This is a Single Family Home located at 21590 Benton Street Thompsonville, IL 62890. Property has 3 bedrooms, 1 bath and is in Franklin County.

Homeowners have owned this house since 1998 and want to stay, they fell behind on their payments due to getting laid off of work and unable to find a new job. They are back to work now and payments have been on time every month.

Pick up this performing note and get a 12.3% cash on cash return. Modification was completed and Homeowner has been paying on time since February 1, 2015 (12 mo.)

FMV of Property is estimated at 30,000
Zillow Value $58,460
The UPB is $24,518 (new Mod amount)
Current Interest Rate 9.95%
1st Lien position
Loan Term 30 yr fixed
Months left in term 348
Monthly payment: 214.27
Property Taxes $570 yr
Property is occupied by homeowner
Original Purchase date 9/27/04
Next payment due date is 2/1/16
Purchase this performing note and get a 12.3% cash on cash return.

This Asset selling for $20,840

This is a Single Family Home located at 831 Lincoln St. Babson Park, FL 33827. Property is a one story Rambler. The lot size is .42 and was built in 1961. Property is in Babson Park, Polk county, FL.

Homeowners have lived in this home for 18 years and they want to stay, they fell behind on their payments due to extended medical problems which forced Husband to stop work and wife was forced to stay at home to help out. They are both working again, part time to pay all their expenses.

Pick up this performing note and get a 14.1% cash on cash return. Modification was completed and Homeowner has been paying on time since February 1, 2015 (12 mo.)

FMV of Property is estimated at $46,900
Zillow Value $47,094
The UPB is $49,755 (New Mod. Amount)
Current Interest Rate 8.93%
Loan Term 30 yr fixed
1st Lien positionMonths left in term 348
Monthly Payment 400.00
Property Taxes $353.06 yr.
Original 1st payment date 3/1/97
Next payment due date is 2/1/16Property is occupied by homeowner
Purchase this performing note and get a 14.1% cash on cash return.

This asset is selling for 34,000

Welcome to BP, I am in MD as well and it is a great market however the deals are getting harder and harder to come by unless you go to the source.

To your success

Nick, 

Welcome to BP, you are right this is a great community and you can learn a lot from some of the professionals here. If you want to buy and hold as a strategy you may want to check out the note business. I buy non-performing notes, modify them and sell them to Investors with a 10%-15% cash on cash ROI. I don't need to deal with the tenants and all the problems of being a Landlord. If interested give me a call or check out my web site.

To your success 

Welcome to BP. You can learn a lot by interacting with other Investors and asking questions

James 

Instead of buying a rental and dealing with toilets, trash, tenants not paying, consider buying the note and becoming the Lender!

Ryan

Any interest in buying reperforming notes, you own the mortgage, your the Bank.  Offers great cash flow

Welcome Michael, I am a note investor. Buying and selling nonperforming notes and always offering JV opportunities when available. What type of law do you practice? I have a couple notes in your area that are going to foreclosure!