Providence, RI has gone through a tremendous rebirth.
I came across this this customer who owns a three
family within walking distance of the state house, the
down town, and the famed Providence Place Mall.
This gentleman came into my office with a fabulous
property (three units in a wood framed house) and he
started renovations (he ripped out the bathrooms) he
came to me to try to refinance the note. I could not
refinance him based on his income, the fact that the
bathrooms have been removed combined with the fact he
is 60 days late on his mortgage.
He wants to just liquidate for what he is into this
property for $200,000 (he bought this from a friend
who moved out of town and needed to sell quickly. A
rehabbed property in this neighborhood would sell for
$300,000. This property needs $25,000- $35,000 in
deferred maintenance and updates.
All I ask is a referral fee of $2,500 from the buyer.
This is truly a great opportunity for the right buyer.
I am nor liquid enuff to put $30,000 into a project.
He is willing to hold the paper sor 6 months on a wrap
around mortage if you make monthly payments (and make
a deposit that will be used to pay the late payment)
THe seller has been told the hoouse needs $25,000
$30,000 worth of work.
It also has a carriage house on lot that can be torn
down and rebuilt
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