Posted by CurtNY on December 20, 2000 at 13:40:32:
At first this looks like a possible subject to deal or a lease/option. But then you mention the monthly payments of $699 and tenants paying $800. My question would be if he has $101/mon in cash flow how come he’s two months behind in payments? Are the tenants behind, are you going to have to evict them? He owes $59,000 but what is the property worth, does it need work? What are the market rents? Whats your exit strategy?There is a lot of information you need to find out before you go forward with an offer. Make sure you do you homework. Good Luck.