Posted by Fred on August 09, 2003 at 14:19:42:
I agree with Brent.Your only hope is to short sale the second. Do you have the funds to buy the 2nd at a discount though? Assuming you buy the 2nd at 30 cents on the dollar. You still have to come up with 10K to buy the 2nd. The $2700 to catch up the first. The 5K to fix up the property. The $1000 to have the seller move out. That’s add up to roughly 20K initial investment. You are now at 81% LTV at best. Not bad if you want to live in the property, but as an investor , those are not good numbers.
Buy at foreclosure at steps maybe, but then there is another set of issues.