Salt Lake County, UT Banking and Loan Businesses For Sale

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Attractive Recurring Monthly Cash Flow,MASSIVE Upside,Fully Hedged
$257,000Cash Flow: $20,000
Attractive Recurring Monthly Cash Flow,MASSIVE Upside,Fully Hedged

Salt Lake City, UT

This is an opportunity that offers 100% passive cash flow with the possibility for significant upside. I sold a single family residential property I owned a few years ago in a highly desirable section Sugarhouse, Utah. At the time, I sold to the tenant rather than deal w agents and gave her a note for seller financing at 6% percent. I had the property appraised two weeks ago and the value came in at 375k. After the down payment, the face value remaining on the note is 257k. The way the sale was structured was Deed on Contract so if buyer misses a payment (a day past 30 days) I dissolve her contract and she vacates. In this case, I would assume a 100k margin by then reselling the house. The rate on the loan is 6% (far better than CD's or other products in the 2 %'s). Again, the title company set up as deed on contract so if a payment is missed you immediately assume ownership on the 30th day. I also still have title in my name - title was NEVER transferred. Buyer has never missed a payment however which is a good thing if one is looking for stable reliable cash flows that pay far more than money markets or other fixed income instruments. This also has huge added upside if a payment is missed. I am over extended on another project so am looking to sell the note to free up some liquidity. I have a professional escrow service that collects payments each month at a nominal fee. My payments are reliable and nice to have (1605 per month). I'm selling at the face value of whats left on the note (257k) with no added markup for the increase in value of the property over the contract. You would get title transferred to you and tenant pays all taxes, maintenance, etc. and you would have the contract reassigned to you. Please email if interested. The property is a single family gem in the heart of Sugarhouse and would sell at 375k if a payment were missed or a renter could be found in a matter of days if one was just looking for the rental income. Please email if interested and include your phone number. Full due diligence is available as well as detail from the escrow company.

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