I am looking for a private investor for the Green Springs, OH area.
The house is an REO and was appraised for $125,000 . It came on the market yesterday - August 2nd. I believe that if the bank was offered a cash deal that could close within 2 weeks, they would take $70,000.00. This is the price they paid for it when they bought it back at the Sheriff Sale on April 1st this year.
Based on market comparisons in our area, the After Repair Value will be in the $180 - $220,000 range. The house currently has 2,500 sq ft with 4 bedrooms, 2 full baths, kitchen, laundry room, living room, dining room, and 3 1/2 car attached garage all on 7 acres with a 54' x 40' 3 story barn.
I have been a foreman for the past 13 years for a construction company and will be doing all of the repair work myself. At this time we already have some of the materials for the repairs that include interior cosmetic repair (paint and flooring), sinks, tubs, and toilets, new porch, some electrical work, and exterior tiling around the foundation. We will pay for these repairs and do them throughout the 12 months that we are land leasing the home.
We are looking for a private investor who will buy this property and Land lease it back to us for a 12 month period at $675.00 per month. At the end of the 12 months we will buy it back for the price you pay for it plus 15%. This is our exit strategy - to purchase it from you through an FHA loan. We currently pay $675.00 a month for rent and have made timely payments for the past two years. My debt to income ratio is only 6% and my income enables me to easily afford this home.
My credit score is low at this time due to the fact that I have 4 negative accounts ( I have worked out agreements with all of them and once I make the payments they will report to the bureaus either "paid" or "paid as agreed"). The low score is also due to the fact that I have no active accounts, I pay everything with cash. I will immediately attain 3 small tradelines (nothing that requires more than a $35.00 monthly payment so as not to raise my DTI ratio more than a few points) so that at the end of the 12 months my credit will qualify me for an FHA loan.
If you are interested in this opportunity and can close quickly, please respond Thank you Brett A