1st Lien UPB of $59,342
$24,440 purchase price + Attorney Costs + Fees
$48-50k FMV per local realtor
9 months to foreclose
Purchased a NPN on a vacant condo in Altamonte Springs, FL at 50% of UPB ($52.3k). The property is a 2 bedroom, 2 Bath, 826 sq. ft. unit built in 1973. It is located in an appreciating sales market as well as a strong rental area. Previous noteholder already started foreclosure, so we benefit by that effort. When we acquire the property, we can either sell it through a local trusted agent or install new carpet and paint the unit to rent it for long-term cash-flow. Looking at a 20% ROI within 12 months.