Note purchase questions

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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?


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