Closed 3 deals in April
March of 2017 is a good month to us. We finally sold two rehabbed properties and bought one of my first subject-to property. The first rehab property was bought with 70K and sold with $138K, with $5,000 closing fee aid. The total cost for the repair, tax, closing etc cost is $97K. Net income $28K.
The second rehab property was bought with 70K, so far, the expense is about $30K. Put on the market after 3 month repair, within 3 days, we got an offer with $165K. Expect to be closed in early May.
The first subject to property is a pre-foreclosure deal. We bought it by subject-to the original loan ~$116K with 30-year fixed rate 3.875%. The ARV of the house is about $145K. We reinstated the loan with $13K. Currently, we are repairing it to put it in the market.