ROI: 37.19%
Profit: $16,068
Total Expenses: $10,147
Hold Time: 11 months
Exit Strategy: Foreclosure Auction
Story:
This note was a 1st position deed of trust on a single family home. The borrowers were elderly and both passed within a few months of each other. The heir did not want the property and did not contest the foreclosure. The property went to foreclosure auction and was purchased, providing a full payoff.
Lessons Learned:
Even in Texas, winterize the house when vacant. The house was thankfully unscathed, but the scary Texas freeze happened.
Get the lawn mowed while waiting for foreclosure sale so the neighbors don't call the city code enforcement