Posted by Joe Kaiser on January 31, 2004 at 20:43:53:
I have the opportunity to purchase a 2nd on a 50 pad mobile home park. The first is in default and must now be paid off in full, $75k. The 2nd is generating $2.9k per month, has a $200k balance and another 9 years of payments.
Note holder is weighing his options and has to either pony up $75k, which he may not have, or sell at a discount, which he doesn't want to do, of course.
The mobile home park is assessed at $600k and brings in $12k a month.
I've proposed paying the $75k off for a 1/2 interest in the note. We'd foreclose, maybe end up owning the thing and selling for more than we're owed. He'd agreed to repaying my $75k first and the two of us splitting thereafter, even it that means just getting the balance of the note.
Question . . .
Is there a better way to make this happen?
- Re: Note purchase questions Aaron Whittington 09:46:43 9/28/2004 (0)
- Re: Note purchase questions John Behle 14:03:54 2/01/2004 (2)
- Re: Note purchase questions John Behle 13:54:20 2/01/2004 (1)
- Re: Note purchase questions James Lamb 08:40:59 9/28/2004 (0)
Post a Followup