Are their better deals out there???
I’d be getting this from another investor.
Your feedback would be greatly appreciated.
It has an ARV of $98k, HCAD is $95,287
BOA Loan 1st.. $58,491 less $1,500.00 (Owner just paid the last two months) = $56,991 pending interest..Roughly 56% LTV plus repairs maybe 10k… Living Room, Dining Room, Hallway, and master suite need updated flooring…minor pipe repair in laundry room, paint, and tree trimming in the back..
Note has 21yr now 2months remaining
Monthly Payment is $750 (including P&I (interest 6.375% fixed, Insurance, Taxes) All except HOA…Est.$300 per yr.)
Rent rolls are $1,000-$1200.00
One Main Financial has a small 2nd (the owner will be paying that note…Note Balance
With our closing cost and investors fee we would be into the deal at $59,270 + 10k in rehab= $69,270
We’d assume his position with investor for a few hundred dollars on the re close…then he can draw our docs for the owner finance wrap
He wants 4k assignment fee on this contract…
That would put us all in at $73,270…. The note is due Sept 15th
So we have to put $10,000 into fixing and then $4000 for the assignment. Our owner finance down hopefully would be $7000 to $10000. If we don’t sell for 2 months we are negative another $1500. Are there better deals out there?????
Thanks for all your help.
Patti
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