H Street
Purchased: March 2023
Price: $158,000
Terms: Subject-to existing loan for 110,000
Exit: Sell to Tenant-Buyer\
Overview: Seller wanted to sell quick and move on from property so we took over the loan, which is a low payment of ~$550 each month. Property needs work but is livable and a tenant who wants to buy it will achieve 30-50K of sweat equity once they are finished.
Exit Plan: Sold on lease-option. We accepted 5K down and monthly payments on a NNN for cashflow. The Buyer won't be able to buy for a few years, so there will be another profit spread when they do.