Our borrowers moved in last weekend and their down payment mostly paid for the closing costs. The remaining amount was covered by me and will be reimbursed as their payments come in. The first monthly payment is not due until Dec 1 as per our sales agreement and we'll then sell the note in March. This should turn out to be another great return as the projected purchase price of the loan will be around $19,500. This will be in addition to the 3k as down payment and the 1300 received in monthly payments. Not bad for a purchase price of only 12k. Once expenses are taken out this will yield an approx 80% total return.
The foreclosure for this property is well under way and should be done by the end of the year. The house has been secured and is being monitored by the property preservation company there. Once this gets nearer to foreclosure completion I will have more updates for timing.
2275 Union Ave:
The attorney that had initially picked this file up has decided that he doesn't want to deal with forfeitures anymore so we're having to switch attorneys. I spoke with SN about this so that we don't lose any momentum and they are reaching out to another firm they deal with in Ohio.
510 High Grove Ave:
The loan sale papers were signed over the weekend by Chad and were submitted today to the buyer. Closing date for this sale will be later this month.
4113 Huston Ave:
The attorney is working on the forfeiture and I have an update for timing next time.