Hey Note Closers! Scott Carson here, taking you on a real-world adventure to analyze a potential reverse mortgage deal in Georgetown, Texas. This isn't just about numbers; it's about getting boots on the ground and seeing the property firsthand.
The "Green Acres" Deal:
This case study focuses on a reverse mortgage located on Green Acres Drive in Georgetown, TX. The property is a three-bedroom, two-bath home on a third of an acre. The borrower has passed away, and the note is now available for purchase.
Key Aspects Covered:
- On-Site Due Diligence: I share my experience of driving to the property and conducting a walkthrough. This includes assessing the neighborhood, the condition of the property, and any potential red flags.
- Property Condition Assessment: We discuss the condition of the property, including the need for a new roof, sheetrock repairs, and general updates.
- Market Analysis: I compare the property to nearby comps and discuss the challenges of valuing properties in rural areas with limited zoning.
- Reverse Mortgage Considerations: We explore the unique aspects of reverse mortgages, including the foreclosure process and potential exit strategies.
- The Decision: Based on the on-site assessment and market analysis, I share my decision on whether or not to pursue this deal.
Why This Matters:
This episode emphasizes the importance of going beyond the numbers and conducting thorough on-site due diligence. You'll learn how to assess the condition of a property, evaluate the surrounding neighborhood, and identify potential challenges that could impact your investment.
Watch the original Walk Through Video HERE!
Watch the original Video Episode HERE!
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