Whew!!! I thought I had lost this one to foreclosure. It was coming down to the wire, but with Dan’s help, I was able to find a tenant buyer in the last minute and save this homeowner from foreclosure all while putting a little moola in Hip National Bank.
Thank you for the advice of negotiating with the bank to take less money to catch the payments up and saving me $900 in the process. Here is the breakdown:
Subject to: $73K
Selling for: $119K
Mortgage: $635
Rent: $850
I received $500 earnest money and after I used ScreentheTenant.com to check him out, and he passed (thank goodness!), I got another $4500 the day he moved in!
Down payment: $5K
So my profit for this deal will be over $41K upon sale and $2580 this year in risidual income PLUS I sold him the leftover furniture in the house for $200 cash.
Total: $43, 780+
