Leyden Lane
Purchased: March 2021
Price: $215,000
Terms: Refinanced into Fannie Mae 30-year, 3.35%
Exit: Sold on a wrap-mortgage to Buyer, we hold a Note/Deed
Overview: Property needed a full gut job inside and out as well as all new landscaping front and back. We added a second bathroom with a shower to make it more of a family home. Huge lot, convenient for someone with lots of vehicles and a place to build a garage. New siding, roof, windows, you name it! The property appraised for $125,000 more than our cost basis at the time of refinance.
Exit Plan: Sold on installments to a Buyer, we collected 10% down and will continue to build equity in our Note. The Buyer has a 5 year balloon and we will assist him in obtaining financing or sell the Note into the secondary market.
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