15k in arrears, go or no?

[Ira Jeter]

3 bed 2 bath 1200 sqft single family

Principal Loan: 94k + 15k arrears/taxed&fees = 109k

ARV: 120k

My question is would this be worth a 15k down payment to stop the foreclosure, and use owner financing to possibly rent or sell? The condition of the property is decent, just needs a paint touch up on the inside of the home.

[Michael Thompson]

@Ira Jeter - I would do this deal subject to if the current mortgage payment includes taxes and insurance. Sell on owner financing and have a loan serviced service the mortgage you provided. Also, get at least 10% down from the end buyer which basically pays you back your initial money. Make end buyer payment closer to rent prices and now you have good cash flow. Lastly you are able to push the end ARV within reason.