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$200,000 23215 Earlmist Drive, Spring, TX 77373
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Subject to opportunity in Spring, TX (Birnam Wood community).
Take over an existing loan locked in at 3.1%, well below today's market rates near 6.5%.
ARV: $300,000
Loan balance: $200,000 at 3.1% fixed
Entry fee: $36,500 to take it over
HOA: $335 a year
All in: about $210,500
Equity captured: around $89,500 day one
PITI: 1,964.81
Only thing it needs is a new AC unit, so the work is minimal. Foreclosure auction is set for July 7th, so this one has to be reinstated and closed before then. Take it over, reinstate, and you are sitting on a low rate, low payment asset with real equity baked in. Hold it, wrap it, or flip it.
DISCLAIMER: This is an assignment of contract. A legally binding purchasing contract with memorandum has been signed with the Seller giving this company exclusive rights to purchase the property. This company does not represent the owner. We are NOT brokers and do not represent ourselves as such. DO NOT CONTACT THE OWNER/SELLER without our explicit consent. Any attempts to renegotiate or make contact with the owner will result in legal action.