IW REN, LLC

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Great example, rinse and repeat! This is a great example of the process that is involved with purchasing a 1st lien note. It also demonstrates a strategy, ROI for a client using their SDIRA.

Here are a couple of our group's deals;

3086 SW Sunset Trace – Foreclosure Deal

1st Lien UPB of $155,968 + 2 years behind
$55,000 Purchase Price + Attorney Costs + Fees
$100,000 FMV

18 Months to Foreclose
We picked up this clean 2 bed, 2.5 bath, 1236 sq. ft. condo note from a hedge fund. It took us 18 months to foreclose in Florida after several delays by the borrower’s attorney. We sold it at the foreclosure auction for $95,000. We netted a $40,000 profit that we split with our Joint Venture partner on a 50/50 split after expenses/investment was paid back. The investment yielded an annualized 24.2% ROI for our funding partner. This deal took a little longer than our normal 12 month time frame.

1034 Dearborn Dr, S. Beloi, IL - Loan Modification

1st Lien UPB of $53,560 + 4 years behind on payments
$11,000 Purchase Price
$35,000 FMV
Loan Modification in 6 Months of $523.44 month + $5,000 down.
We purchased this note on this occupied home and made immediate contact with the borrower on our first direct mail piece. Borrower had lived in home for 18 years and continued to pay taxes on time. They had been attempting to do a loan modification for 4+ years but their loan had been sold several times.
Borrower was willing to bring $5,000 to the table for us to reinstate their loan payments of $523.44 per month. This resulted in a first year ROI of 74% ($5K + 6 months of payments) and an annual return for year 2+ of 57.1%. We could have had this done in 60 days, but the servicer dragged things out to 6 months. This deal would qualify for a FHA 10-23 refinance as well at 97.5% of FMV.

1621 SW 29th St, Cape Coral, FL – DIL REO Sale

1st lien UPB of $143,750 + 3 years behind on payments
Purchase Price of $55,000
$110,000 FMV
Received Deed in Lieu of Foreclosure and sold full price in 60 Days!
We purchased this note from another hedge fund and discovered that the home had been listed for short sale 6 months prior to our purchase with online photos showing the property in good condition and vacant. Upon closing, we discovered a signed Deed In Lieu of Foreclosure (DIL) in the loan file and we were able to list it immediately as an REO sale with a local realtor.
We received a full price offering of $110,000 within a week and closed on a sale to retail buyer in 60 days. We ended up netting $99,000 at the closing table after taxes and closing costs were paid yielding a $44,000 profit. We paid back the investment of $55K to our JV partner first and split the profits 50/50 yielding in a 40% ROI to our investor in 60 days.

I wish we could have found this app sooner.

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