Black Diamond Lake Front Property
Beautiful Serene Property on a Lake front 1 acre lot…
For Sale
$525,000
WRENG LLC | Open Doors Await
WRENG LLC | Open Doors Await
Montgomery, Al – 2040 Potomac Ave.
2040 Potomac Ave, Montgomery, AL 36108
Buy and Hold
$43,000
Description
Seller Asking Price
30,000 obo (Just make an offer if you are interested)
$600 per month, if porch/deck is fixed renter willing to pay $700.
Renter wants to own the home however does not have the required credit score to qualify for loan.
State of Alabama has a lending program working with local lenders for homes under 50K for 1st time home buyers.
Exit Strategy
1) Become the bank
Sell it to them as a mortgage.
Offer $700 for 10 years.
$8400 income per year
$225 property tax per year
$600 per year max for insurance
$8400 – 825 = $7575 net profit x 10 = 75,750
75,750 – 30,000 Original Purchase Price = 45,750
152% return divided by 10 years = 15.2% return
2) Lease Option to Buy
1st Year at 40k, 2nd Year at 45K 3rd Year at 50K
Rent will be 700 per month
Renter must enter a credit repair program / with knowledge of banking requirements for a loan.
Once a proper credit score is reached, renter purchases property from the owner through the local bank.
1st year 40K – 30K = 10K plus 8400
2nd year 45k – 30K = 15K plus 16800
3rd year 50k – 30K = 20K plus 25200
If you want to rehab and kick out it can be done also
Property on Map
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