This is the note that started me down the path of mortgage note investing. It's a performing note, and I'll keep it until it's paid off.
Story: Bought vacant land at a tax deed sale in November 2018. I was experimenting with different strategies for investing. The plan was to get the plans approved to build a good size house and garage on the lot. It was a 2 acre parcel, about 1 acre buildable, and it was land-locked (no recorded easement). You could access it from the end of a private driveway.
The house with the private driveway was in the process of being flipped, and new owners moved in, and started using my lot as a parking lot and storage. I reached out to the new owners, and asked if they were interested in expanding their property by 2 acres. If they weren't, we'd sell to a developer and they're rural feel would disappear. They bought the land in January 2000 with owner financing. It has been happily performing every since.
Total Expenses to purchase land and sell: $23,708.88
Sale Price: $40,000 (FMV close to $70k)
$5,000 down payment
5 years with balloon
Annual Income: $4,668
ROI (at balloon): 87%
Hold Time: 6 years