What % discount to buy a non-performing 2nd note?
I am looking at purchasing a non-performing 2nd note on a property that is barely above water on the 1st mortgage. It hasn't been paid on in over 8 years and am curious what the typical discount would be for a $110k non-performing 2nd note with little to no equity. I'm sure many will say they would not buy it but I'm just looking to know the ballpark discount on this type of note. Thanks in advance!