Property Description:
Flip this house Sub-To – no lender needed!
The property is Rare River Front brick home
Sits on a HUGE +1 acer lot
Large 4 beds 3 baths ~3,000 sq. ft. living.
Wide 2 car garage with a full bath!
Solar panels and much more…
Updated kitchen & bath
Newer tile throughout
Roof 10 years old
2 AC units 9 years old
The Deal:
Buy this house with 135k down payment, subject to a current mortgage of 200K, and a 53K solar loan. Monthly PITI + Solar $2,547.
Fix and flip for 550K, and transfer the solar loan to end buyer. 215K gross equity.
Subject To:
Cash to close 135K (Arrears & seller fees)
Current Mortgage 200K
Interest %4.625 | PITI – $2,309 | Maturity 2050
(PI $1055+ TI $1254)
*Possible remove PMI and decrease insurance cost
Solar loan 53K (transferable)
Interest %1.99 | PI – $238 | Maturity 2047
Save electric bill of $400/month. Positive $160/month.
Can be transferred to end buyer.
Exit 1:
Fix and flip for 550K or more.
Using Subject-To loan as bridge loan
Low monthly pay, decrease principle
Transfer the Solar loan to end buyer.
215K gross equity.
Exit 2:
Fix and sell with seller finance.
Sell 550K | DP 25% | interest 8% | PITI $3,436 | 5 years balloon
Cash-out most of your initial investment
Cash flow $1,100+
Hight cash on cash return.
Equity gains in 5 years.
