2BR Home in Columbia , SC

About This Property

Sub-to a vacant Columbia SC condo. Keep both seller notes in place -- buyer only brings cash to clear closing costs + HOA arrears + an HVAC bill. PROPERTY SNAPSHOT Address: 229 Windsor Point Rd APT 5H, Columbia SC 29229 Type: Condo, currently vacant Estimated current value: ~Contact for details Market rent comps: ~Contact for details/mo DEBT STRUCTURE (BUYER TAKES BOTH NOTES IN PLACE) 1st position -- Funding Group: ~Contact for details balance, ~$858/mo inclusive of taxes and insurance, 2nd position -- Original owner-carry: Contact for details face, stays in place behind the 1st WHAT THE BUYER BRINGS TO CLOSING - Closing costs (low -- small-balance condo title work) - HOA arrears Contact for details - Outstanding HVAC invoice for HVAC and PM Contact for details - That is it -- no cash to seller, no equity check WHY THIS WORKS FOR AN INVESTOR - Combined debt ~Contact for details against ~Contact for details value - Rent ~Contact for details vs ~$858 and $300 HOA -> ~$240/mo gross spread before management fee - Sub-to the 1st keeps the existing rate locked in -- no new origination, no DTI hit - Property is vacant and rent-ready -- on day one WHY THE SELLER IS DOING THIS Small condo holdings are not aligned with the active project pipeline.

Features & Highlights