22 cents on the dollar

[Calvin N.]

For many of you this may not be a big deal, but for me this was a great deal. I located a property 20 months ago and started researching it. Finally, today, we foreclosed on the house and now own it.

We found out who held the note; it had been sold twice and was a non performing, first position note. The orginal loan amount was $140,000 with a second mortage of $40,000. We bought the 140K note for 30K. After many up and downs from dealing with the title search - assignments not recorded, businesses using DBA names that were not on record, to going before a municipal judge to delay the demolition of the property to actually taking possession, this has been a blast! Now the work begins this week on the renovation. The property, once repairs are complete, should sell for 180-220. As many will tell you, you make the money when you buy, not when you sell. More details to follow.