Seller has Investment Property that's Underwater

[Dane Fenner]

Hello BP,

I have been presented with an investment opportunity with a contingency.

Backgroud:

The seller is a family friend living in New York who happen to purchase a investment property In Atlanta Georgia 10 years ago. The tenants occupying the space but stopped paying rent now the property is being occupied by the sellers family.

Opportunity:

3 bedroom 2 bath house in Decatur Atlanta Georgia (Excellent Condition)

1. Price paid: 115k (in 2003)
2. Mortgage remaining: 81k (as of 2013)
3. Currently worth: 64k (Zillow zesitmate)
4. Can rent for 900 (Zillow estimate)
5. Was renting for 1200 (a year ago)

Contingency:

The seller wants to sell this property but does not want the sale to effect their credit.

I would like to purchase this property and hire a management company to manage it because I live in NYC. I have a good income, and a primary residence but I don't have a lot of cash to buy this property outright.

Is this a good deal and is there any way to meet the sellers needs and my wants?

Thanks In Advance

[Robert Adams]

@Kevin Polite that is exactly what I mean. LOL

@Dane Fenner my point is you don't know if you have a solution for the sellers because you do not have concrete numbers to work with. Get real numbers THEN find a solution.