I have a contract to purchase a lake house in Byram NJ for $142K. My funding fell through after a month of work, so am seeking an investor/s/. Let me give you the details;
*3 bedroom/1 bath house in preforeclosure, 1 block from one of the lakes 5 beaches, and convert it to 3 bedroom/2 bath. House has city water, level backyard, paved driveway, and partial basement. It is located in a very friendly family neighborhood, and with an ARV of $269-279K it is a great value for a new family looking to move out of an apartment and raise kids-mortgage would be less than rent, or those looking to downsize out of larger homes.
What we intend to do is:
INSTALL;
*vinyl siding
*hard wood floor
*new kitchen
*new appliances
*new bathrooms
*new windows
*window shutters
*landscaping so it has curb appeal
*central heat and a/c
CHANGE;
*large living room and original bathroom to master bedroom and living room
*current master bedroom to dining room and main bathroom
*huge laundry room into laundry closet, master bathroom, and large closets
FIX:
*driveway
*roof shingles
My line of credit is tied up with current projects, but need to act fast to secure this house. I need the $142K for the purchase, and the quoted $48K for the rehab work. Your investment is backed up with a lien on real estate with more than the loan value. The return is 10%-annual rate-and paid at 6 months even if less with 3 month increments after, AND 25% of the net profit, all within 6 months to be repaid, giving you at least 20% interest equivalent!
Call me today to discuss, my cell is 973-670-2135.
Walter W. Stumpf Jr.
Xanadu Group Inc.
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