2 deals in the works - need advice please (sub2) - Posted by Brian Beard (MD)

Posted by Tom PA on August 20, 2003 at 10:48:26:

I personally would stay completely away from #1.

#2 is a different story. You obviously have some cash to pay the arrears. Talk to the ex directly. She may very well give you the deed for a few hundred bucks. It’s amazing what cash will do sometimes. Of course you may have to fork over cash to the guy if you do it for the girl.

Personally, I don’t know if I would go the cash route and probably would not pay the arrears. I would like to see more equity before handing over my money. Get me to about 70% and then it has my attention. This one looks to be about 80%. However, if the rents in the area could create a decent cashflow on an L/O then that is a different story. It all depends…

…on what you have and what you want out of the deal.

2 deals in the works - need advice please (sub2) - Posted by Brian Beard (MD)

Posted by Brian Beard (MD) on August 18, 2003 at 11:53:05:

Hello all,

I have two properties in the works and I need a little advice as to how to proceed. I have only done Lease/Options up to this point so these are slightly different. Your help is appreciated…

  1. Lady is willing to deed over property, isn’t looking to get anything out of the equity. Owes $145k, comps at $200-210K; it just needs interior paint and carpet. She is about $9k in arrears to date. The problem I have here is that she just filed CH.7 while I went on vacation last week (couldn’t get it settled before hand). What must I do now that she has filed for the 7. (can someone explain exactly what Ch. 7 does?)

  2. Gentlemen would like to deed over their property, they are 2-3 month in arrears, no other leins attached (yet!). Owe $115K comps at $145K, also needs interior paint and carpet. The problem here is that his now X-girlfriend who is on title as well will not listen and doesn’t believe they will lose the house. He has been trying to convince her but since they are in a break up she is being stubborn (she doesn’t want to talk to me)… Is there anything I can do here or just keep working on the girlfriend??

Thanks for sharing any knowledge/advice…

Have a great day,

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