Talisker Way
Purchased: June 2023
Price: $322,000
Terms: Subject-to mortgage bal for $252,400, 2.750%
Exit: Sell on a wrap-mortgage or land contract
Overview: Great deal referred to us by a broker in South Carolina. We bought the seller out of this one by giving him a discounted chunk of his equity in exchange for him walking away, which worked out for both parties. This property shows well and was clean on the interior, leading to many showings and we sold it on installments in the opening weekend.
Exit Plan: Sold quickly after buying for 400,000 to an investor who wanted to hold it as a rental. Investor put 5% down and we wrapped the existing debt to create a spread. Equity will grow further for the next 5 years, before his balloon is due. Until then, we will service the debt.
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