Net $25k to $40k on this home.
Sunday, September 26th, 2010Mike, a friend of mine since we bowled together in the junior and pee wee bowling leagues, is in need of investor help to purchase a home.
Here is his story…
Mike borrowed money to buy a business that had one customer. When the economy turned, the customer closed shop and then so did the business. Mike was stuck with the loan which he could not cash flow and eventually filed bankruptcy for financial relief. At this point Mike maxed out the loan on his current home to finish college and law school. He currently owes $65k more than it is work. Even his own bank told him to walk away.
Currently, Mike and his wife Lisa have income over $100k/yr and can support monthly mortgage payments. Until this business snafu this couple had good credit. The future holds increased income for this life experienced attorney, out of law school two years ago. The future looks good for them when they get passed this bump in the road…but they need your help to make this home purchase.
The process is the same as many others you have looked at, only the details have changed.
The home they wish to purchase is linked below and here.
Currently on market for $280k. New tax assessment places this amount to be accurate.
I believe you can purchase this home for $240k and then resell on contract to Mike and his wife for $270k on a 2-3 year personal note.
Mike has $20k for a down payment and intends to make this hometown home his own…with your help.
Please call/txt Derek @ 317.796.9825