Updated over 15 years ago on . Most recent reply
Non-performing note
Their is a note for sale for a good price. The note is nonperforming secured by a 10 unit apartment building. The owner of the building turns out to be a colleague that I have a good relationship with. Im just looking for ideas on how I could use that relationship to profit from and even potentially help this owner. Any ideas?
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Bill Gulley
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Bill Gulley#3 Guru, Book, & Course Reviews Contributor
#3 Guru, Book, & Course Reviews Contributor
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Yes, you can accept a deed in lieu, if there are not other liens. Yes you can pay him what ever is agreed to. Work out your deal before your note purchase. If you accept the property as full payment for the loan, you'll have taxable income on the disount. Good luck with your deal.