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Albuquerque

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Corban Kurz
  • Rental Property Investor
  • Albuquerque
7
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18
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Albuquerque - Dealing with Solar already on a property questions

Corban Kurz
  • Rental Property Investor
  • Albuquerque
Posted Feb 20 2019, 08:53

Greetings All...


I am curious if anyone has experience with Solar Contracts. 

The back story is that I have an off-market lead for a rental gone wrong that they want to sell quickly and easily. The mother (an older lady) bought the property her for her son who was renting it out. The son stopped being consistent with payments, and she has evicted everyone from the property. I like the property as it is basically like a duplex with a 3br, 2ba home and a separate 1br/1ba apartment/mother-in-law quarters. The property itself needs a little work, but is not in terrible condition. With both units, I like the potential for rent income. 

The main issue is Erus Energy got the son and mother into a recent Solar Contract for $45k with 20 years of payments at 3.99% for a payment of $280/month. I don't know why or how they thought this was a good idea, but I have no interest in the property with the solar contract. It appears to me that the solar contract remains with the signor (the mother) and they can lien the property senior to all other liens. 

Is there anything I can do to get them to remove the solar and buy the property without the risk of a lien? Anyone familiar with this?

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