Loan amount
$255,000
Loan type
Purchase {Rent&Hold}
As-Is Property Value
$345,000 {PP:$315,000}
LTV
74% {LTV}
Property type
Single Family
Borrower Details
Credit score
750
Deal experience
6 deals
This loan scenario was submitted by a Broker
No
Property Details
City
Lyon Township
State
Michigan
Loan Details
Purchase price
$315,000
Down payment
$60,000
Additional Loan Information
I have an opportunity to buy a 4 bedroom 2.5 bath single family home with tenants who have been renting from the current owner for the past 4 years. The property is not yet listed and I know the Tenant Rob very well. I am a Real Estate Investor that buys and then rents using a professional property management company. This house was completely renovated recently with new Roof, new electrical, and needs very little rehab. I would be doing a full inspection of this property in Lyon TWP, Michigan before making an offer and my contractor, with whom I have been associated since 2008, will be visiting this property this weekend. The owner needs to sell this property to help out her dad and would be a Sale by the Owner so no Real Estate Agent Commission fees are involved as I will be handling this without an agent as well. This property is over a 5-acre lot and is in a booming town. It has a municipal sewer connection and a working well water supply with a water softener installed.
Status
Created
March 23, 2023 - 9:01am

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