I just processed my 310th Deal in the Non-Performing 2nd Mortgage Space. 202 Workouts & 108 Discounted Payoffs.

@Matt Dickens and @Lance Branford: Reiterating what's been said earlier in the thread - the numbers on MF just don't work out for most deals in the Phoenix area.

Sorry it didn’t work out, but it was a great learning experience like you said.

I hope this helps and I hope things work out for you!

I was able to work out financing for this deal - Let's stay in touch for future transactions!

@Sean Johnson...If you numbers work out,  I say go for it. 

The projected rehab costs are ~$37k and the ARV is $127k (the average of two projected appraisals given the rehab scope of work -- $124k and $130k).In bullet point format:Purchase: $59,500Rehab: $37,000ARV: $127,000Projected Rent: $1150-1200 (given to me by wholesalers) but more realistically given current comps and from PM opinions: $900-$1000Loan origination fee: $4,000 (Yikes, I know...)Interest rates: 11.5% for 12 months at at $86k loan, interest-only w/ no pre-payment penaltyI'm financing the property through LimaOne Capital, a hard money lending institution, who is lending me 90% loan-to-project cost (~$86k loan).The numbers don't quite work out as a BRRRR given the rent-to-ARV numbers ($900-1000 rent compared to $127k ARV) -- it won't cash flow, and since my all in costs are ~$105k, I'm going to be stuck $15k.

Let’s say you have 5 properties to choose in 5 different area and all numbers work out very well.

How did things work out with your situation?

I’m reaching out to international investor friendly banks and lenders, if you would like to increase your client base internationally, send me a message and we can work out a strategy to bring other countries to you.