All Forum Posts by: Nnamdi Obiako

I am building a portfolio in Lafayette, IN and purchased/ renovated a duplex. I'm looking for a long term relationship with a property management company to manage the duplex and future properties I pick up. Reach out to discuss. 

- Nnamdi 

Thanks for that detailed response. The house is definitely not worth $360k in its current state. There is a newly renovated property on the same street listed for $360k and properties in the neighborhood have recently sold in the $360k range. The neighbor told me his parents took a reverse mortgage against the property and that's where the $290k debt comes in. They passed away before paying it back. Of course I'll need to get more information on this but thanks for the response. It helped. 

I have a neighbor who lost both parents a few months ago and is now clearing out the parents' former home. We had a conversation about what he plans to do with the property and it sounds like his parents did a cash out refi so they still owe about 290k on the property. The house is not updated so there is room to force appreciation to an ARV of $360- $380k. From what he tells me, the bank will take possession of the house soon.

My question is how can I creatively structure a deal that allows me to purchase the property before the bank puts it on the market while providing a solution to the neighbor?