Great Investment On Performing Note

[Jason Richardson]

Very nice, fully rehabbed home located in McKinley Terrace neighborhood being offered for pennies on the dollar. Tenant with a lease option in place. This would be perfect for a retirement account investment to more than double your money over the course of a few years, or it will make for a great cash flow buy and hold. Trust in place that makes payments on behalf of tenant, so payments are all but guaranteed.

Details as of 12/9/2014

522 Manchester Dr, South Bend, IN 46615

Price: $38,000

Property Value: $70,000

Taxes - $1,100/year _ Insurance $700/year

- 4 bed / 1.5 bath

-Fully Rehabbed

- Property SqFt = 1120

- Lot SqFt = 7500

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Tenant in place with a lease with an option to buy agreement.

Monthly payment - $800/month rent with an additional $125/month paid towards option fee.

Current option period ends 2/28/2016

Between now and option period ending a total of $11,200 in rent will be paid and $1750 in option fees will be paid.

Rent and option fee total - $12,950 paid between now and 2/28/16

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After option period ends, a note will be in place between you as lender and tenants as borrowers. That note will be broken down as follows:

$47,300 purchase price, amortized 10 years @ 9.99% interest

Monthly payment of $625/month principal and interest, and buyer has agreed to pay an extra $175/month towards additional principal = $800/month

$800/month payment x 82 months = $65,600 paid total on note then lender (you) will deed property to buyer.

Total payments on this deal - $12,950 in rent and option fees + $65,600 in note payments = $78,550

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Dropbox Photos Link:

522 Manchester Dr, South Bend, IN 46615

Google Maps Link:

https://goo.gl/maps/q3fDe

Please contact us directly via Bigger Pockets if interested.