Hello Investors! We have a new funding opportunity on an Jacksonville, FL property that we have under contract to close on the purchase of the first lien note.
Borrower is over a year behind in payments, and the asset is in the foreclosure process. The current unpaid balance is $10,907 which includes several months of back payments. There are also addtional late fees due on the account, making the legal balance on the asset $89,655. The fair market value of the property $145,000. The property is 5700 square feet, SFR with 3 bedrooms and 1 bath. The rent estimate is $1,225 per month.
We are currently conducting our due dillegence research and performing inspections.
We are purchasing this note from a hedge fund with the strategy being to finish the foreclosure (Florida is a non-judicial foreclosure state) and either sell it at the foreclosure auction with a starting bid of $90K or to sell on the open market once if we end up taking the property back as an REO.
We are looking for a funding partner to fund this transaction at $70K (which includes purchase, servicing, and foreclosure costs) for a term of 12 months with an above-average return on your investment. Yes, you can use your self-directed IRA to fund this deal as well. Our funding partner would be paid back their principal plus interest at the sale of the property.
If you are interested in getting more information about this opportunity or have any questions, please email me directly at jburcher@inmotionfunding.com or text me at (314) 420-2343.
