This was purchased as a pre-foreclosure for $165,000 It was financed at $245,000 $75,000 for repairs & $5000 for closing cost. The loan was written for 14% simple interest.
Here is a picture of what the property looked like before we purchased it. This property was purchased for $110,000 and needed $100,000 worth of work. This deal was a short sale deal and closed in 3 business days. It was purchased form a lady on social security and disability who could no longer afford it and was in foreclosure. We purchased it 1 hour before her sheriff sale. We had to rush out of the closing and drive the check through the snow to pay the bank's attorney. We also got the 2nd mortgage to take a short sale in 2 business days. They took $2000 for a $17,000 balance on the note she owed. They faxed over the approval while we where at the closing table. Talk about in the nick of time! Click on the view sample deal link above to see what we did to it!
115 Western Pkwy
We paid $150,000 doing a short sale on it. The original owed was about $300,000. We resold it about 2 months later for $250,000. to an investor who renovated it.
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