Very Motivated No Equity

2 Replies

I had a call from a landlord this week that purchased home in height of market for 150K. She was married at the time putting together rental portfolio with husband. Today she owes 140K and has tenets she is terrified of. She has not been in property for over 18 months.

I have credit and cash. Is this deal worth a short sale attempt. I am assuming I can go through a short sale agent and this will be a lead I put in fire for 6 months. I also believe I would have to close on this deal. In its current shape I would only pay around 80-85. But all homeowner wants is out and she is scared. House is in good neighborhood.

What is the current rent? Do the current tenants pay or no?
Does the property cash flow at the current rent--or if it's low--at market rent?

Were you there to see how much work it needs?

And if the numbers work, would it be possible to assume the loan?

I'm curious, why is the owner terrified of the tenants?

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