Bellingham Million Dollar Home REO Deal
Wednesday, January 14th, 2009We have analyzed this deal to see how this particular single family home in Bellingham would be as a rental property. We try to research and analyze better than average deals for you to help save you time and money. You can read about what it is like researching properties for deals on your own in our article: Find Real Estate Deals is a Numbers Game.
Where is this property?
It is located in Bellingham, WA. The property address is kept private to preserve the deals for our members. To work with our preferred investor friendly real estate agent/broker for this deal, contact us about Deal #4282 and they can give you the full details about this property and help you in purchasing it. This particular property was submitted to the Bellingham Real Estate Resources Website featuring real estate investor articles and local deals.
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How did we find this property?
We found this property from one of our real estate investor friendly agents/brokers or one of the real estate investor wholesalers we know in the Bellingham area.
Learn to find motivated sellers using marketing in Back to Back to Back Motivated Seller Appointments. This CD is included as part of the 68 CD Ultimate Real Estate Investor Package that you get when you purchase any house we promote on the website through our recommended real estate agent or broker. To work with our preferred investor friendly real estate agent/broker for this deal, contact us about real estate Deal #4282 and they can give you the full details about this property and help you in purchasing it.
Notes:
The following was left as notes by the person that submitted the deal to us:
This home has recently been taken back by the bank. It was originally listed by the builder at $1.9M. The bank has dropped the price to $1.09M. The builder stripped most of the fixtures from the home, so there will need to be replacements. The estimates to get the home back to “new” condition are between $40-60k, depending on finishes. Estimated sale price after repairs could be anywhere from $1.3-1.5M, depending on market conditions. Buyers MUST BE pre-approved through Countrywide to submit offers.
Property Details
- Bedrooms: 4
- Baths: 4.00
- Square Footage: 4,869 (see square footage estimates for info)
- All information is deemed reliable, but is pulled from tax records, real estate agent, zillow or the seller.
Income
- Gross Rent: $2,500/month (see Rent Estimates for more info)
- 4.00% Vacancy Adjustment: $100/month (see Vacancy Estimates for more info)
- Net Rent: $2,400/month
- NOTE: These numbers are for traditional rental income and NOT a rent-to-own. Rent-to-own analysis follows below.
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