Wholesale houses for 50% in Memphis TN! There is a hard money guy who has taken back 73 houses in Memphis, TN that he wants to get off his books. They are all in good shape, with about 50% rented. He only needs to get what he has into them, which is about 50% of their value. That means these properties are for sale, essentially rented or rent ready (might need cosmetics) for 50% of current value, including all closing costs. The average value is about $70,000, selling for $35,000. I also encourage you to forward this to any active investors you know. If you let me know about them and they buy, I will pay you $1,000 for the lead.
This is the great part that makes this a home run: the hard money lender will lend on these houses with 25% down, 8% interest for seven months charging only one point. You can buy, season for six months and then refinance with a local or national lender. Could look like this: Value is $80,000. Buy for $40,000. $10,000 down. Cash flow $100 to $200 a month from rent minus expenses. Then in six months, refi for a lower rate, or cash out at 75% of the $80,000 You net $60,000, pay off the $40,000 owed and get $20,000 in your pocket from a $10,000 investment, which continues to cash flow. If you have a lender that doesn't need seasoning, you can refi right away, and buy a second, or third, and so on.
I have a spreadsheet of the houses. I have looked up all the valuations on the free RE sites just yesterday. I also have one-sheet valuations from Core-Logic from two months ago that cost $100 each. Those are the values under the BPO column, but I can forward the actual reports as well.
Please contact me for Pictures and Appraisals, I can't put the links on this post- they are on the Property page on our web site (see link). If you have any associates who are active investors, and think they would appreciate deals like this, please let me know. Thanks!
Kendrick
415.242.1624
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