Below are a handful of actual examples that are representative of the types of projects in which we have been involved. Our primary acquisition targets are mortgage notes/contracts and bank-owned (“REO”) residential and commercial properties that can be purchased at significant discounts. Some of these properties are referred to as “scratch and dent” because their condition is unknown or repairs may be necessary before they can be marketed to conventional buyers. We are able to purchase these properties at reduced prices, thereby creating profit opportunities.
PKG HAR-151
We purchased 151 non-performing mortgage notes and contracts from a hedge fund. Our strategy was to sell a portion of the portfolio to other investors, then renegotiate or foreclose and sell the properties as necessary on the loans we kept.
We brought in an investor who immediately took 46 loans, then at a later date we sold a group of 59 loans, and then a group of 32 loans to a different investor.
kokomo, indiana
We purchased this home in a large package of distressed assets. The house needed kitchen cabinets and fixtures, furnace, water heater, and miscellaneous repairs. It was sold “as-is” to an owner-occupant buyer with seller-financing.
MUSKEGON, MICHIGAN
We purchased a non-performing note and mortgage as part of a larger package of distressed assets. We were able to make arrangements with the owner to bring payments current so she could keep the property.
PKG UHRP-184
We purchased several packages of REO properties from national and regional banks. Most of the properties were marketed with seller-financing and some were sold for cash to local investors. Our primary objective with this package was to create long-term cash flow secured by real estate.
BIRMINGHAM, ALABAMA
We purchased a bank-owned property in a portfolio. The house needed paint, plumbing repairs, bathroom fixtures, and kitchen cabinets, and was sold “as-is” with seller-financing.
GRAND RAPIDS, MICHIGAN
We purchased a bank-owned property that needed plumbing repairs, paint, carpet, etc. We sold the property in less than a week “as-is” with seller-financing.
PORT HURON, MICHIGAN
We purchased a bank-owned property in a portfolio. The interior of the house was in poor condition and was sold “as-is” with seller financing.
ENFIELD, ILLINOIS
We purchased an existing Land Contract at a substantial discount and have been receiving payments.
REFUGIO, TEXAS
We purchased this note at a discount. When the original payor stopped making payments, we foreclosed and immediately resold the property with seller-financing. We collected payments, received partial pre-payments of principal, and eventually sold our interest in the note to an institutional investor.
LIPAN, TEXAS
We purchased a performing loan at a discount, then immediately resold it for a cash profit. The collateral is a “horse ranch” on 119 acres, including a home, arena, barns, paddocks, etc.
AGUA DULCE, CALIFORNIA
Commercial property zoned M-1, consisting of 10 acres, a warehouse and eight cabins. Purchased property in February, 2014, and resold it three months later for a cash profit.
SANTA CLARITA, CALIFORNIA
Purchased 4 parcels in February, 2014, performed repairs, cured title problems and permitting issues, then marketed and sold them for a profit.
This property was purchased from the same seller and in conjunction with the property shown in the previous example.