NPN specs, need some real help.
Okay BP, I'm calling on you guys for some real help here. I'm a serious novice when it comes to notes almost all of my investing is in multi families. Was contacted about buying the non performing note and I have little to no experience in the area. I happen to have an office in this exact same complex so I k ow the area well. There is nothing in this complex for less then 2million at this size. So what am I missing here? My limited understanding tells me there's about a million things on the note, they're already in default so I buy the note go through a for cluster process and have a 2 million dollar asset to sell. What am I missing here's the details
> >> We have available the NOTE on a non performing commercial property in the *location removed*. The property is currently
> >>
> >> in default as the loan matured in February and has some back tax issues.
SUMMARY
> >>
> >> 6400 SF Office Building
> >>
> >> 6400 SF Lot
> >>
> >> Built 1974
> >>
> >> Features, 5 private offices and meeting rooms,
> >>
> >> 4 restrooms, 2 with showers,
> >>
> >> commercial quality kitchen..perfect for
> >>
> >> architects or engineer or others
> >>
> >> Loan Matured February 2016
> >>
> >> Current Default Rate 18%
> >>
> >> Monthly Payment $5,501
> >>
> >> NOD's Filed in 2014 and 2017
> >>
> >> Comps at $1.8MM
> >>
> >> CURRENT UNPAID BALANCE
> >>
> >> $1,039,000 +3% fees to be paid by buyer