What to Do with a 'Tired Landlord' Who Isn't Motivated or Desperate?
Hi everyone! I'm still a newbie that's learning to crawl in this REI world. In looking to find my 'first deal', I had a conversation with a friend about his condo property.
He purchased this condo in 2007 as a 2nd investment property. 6 years, a marriage, and a move of primary residence to the other side of town later: he's a landlord that likes being a landlord when the condo is rented and finds the 'tenant turnover' phase rather annoying.
He owes 'about' $120K, while the property is worth 'about' $105K (according to him). It's a fairly turnkey property. My friend is neither motivated nor desperate, but I can't shake the feeling that this is a deal worth pursuing.
What would you folks do in my situation?