Help Need Advise On This One

3 Replies

This deal was introduced to me from a freind who knows the principle of the SFR in question. The principle has lived in the house for 25 years stopped making payments about 7 years ago. ARV 3M. It has location location location,right on the beach. Here is how it goes, the principle wants 100k to walk. To clean up title on the first,second and third 1.8M. Recon 200k.He does have an attorney representing the property for him that has been with him a long time she knows everything about the title,I have not spoken with her yet. Question is there a move to be made here?

So if I follow correctly at a minimum you will be about 2.1M into a potential 3M deal, is this correct?   I would think with that type of spread there should be a deal to be had.  Do you plan on actually buying the deal and making the repairs and then sell retail? What did you have in mind?  

Medium buymemphisnow stacksCurt Davis, Buy Memphis Now | [email protected] | 605‑310‑7929 | http://www.BuyMemphisNow.com | TN Agent # 00321765

Originally posted by @Curt Davis :

So if I follow correctly at a minimum you will be about 2.1M into a potential 3M deal, is this correct?   I would think with that type of spread there should be a deal to be had.  Do you plan on actually buying the deal and making the repairs and then sell retail? What did you have in mind?  

 I will talk with the attorney first to see what her posture is first. There are a few different moves on this deal not sure yet if any, maybe try to buy the non performing note. I have never done anything this big before works the same just bigger numbers. The main thing is I got juiced into this deal.

Thanks for you interest.

How much are there in areas for the loan.  You will want to make sure that the 1.8m number actually includes all the late fees and legal expenses that the lender is going to want to be reimbursed for.

Bob E. MBA, LD Funding, LLC | [email protected] | 909‑353‑3863 | http://www.LDFundingLLC.com