Bridge Financing

This property was bought at auction. It was incorrectly labeled as a mobile home and was the last property sold at that auction.
It ended up being a block home built in early 2000’s, with 1536 sq feet, two car garage on 5 acres.
I ended up buying at the base bid of $88,000 with a Zillow of $175,604 which is probably too low because the property sits on 5 acres.
The home needed a few thousand dollars of work and we rented it for $1350 a month.
We used a private investor as bridge financing for a year. At that time, we will refinance with a local community bank and lower our interest cost from 8% to 5%.

18318 Akins Drive – Front

18318 Akins Drive – Interior