The Cardinals Are Done, But We're Still Playing In Saint Louis

Just because the Cardinals are done for the year doesn't mean we are. We are still picking up assets everywhere. And as we pick up these different assets, we encounter different borrowers. Just as the Cardinal's season has expired, so has the life of this borrower. As it turns out, this note in Saint Louis is now part of an estate. And while there is not an executor, we are anticipating an easy foreclosure. The property is in good shape with little repairs needed and should be an easy rehab and listing.
We are always looking for JV partners.

If you want to learn more about a Joint Ventureship

 

Type: Nonperforming 1st Mortgage
Property: SFR 2/1
Fair Market Value: $46,000
After Repair Value: $58,000
Unpaid Balance: $81,957
Monthly P&I payment: $509
Investment: $28,055
Monthly Rent: $750

Summary of investment opportunity:

We are buying this asset from a hedge fund. This is a 1st position mortgage for a SFR home in Saint Louis. The property is a 2 Bedroom, 1 Bath, 792 sq. ft. house built in 1956. It is located in a stable neighborhood with plenty of recent sales. 

We'll have to foreclose on this property as there is not an executor. We do not anticipate it to be contested as it is underwater and bringing down the value of the estate. The property has been secured. We could sell this As-Is for about $46,000 or we could put a few thousand dollars into it and list it and get closer to $60,000. The ROI with a quick sale is estimated at 48%. The ROI with repairs and listing the property is estimated at 73%.
 

We are always looking for JV partners.

If you want to learn more about a Joint Ventureship