Foreclosure/BK Issue
I'm coming across all these deals, and don't know what to do with it. I have a seller that has 3 loans on a property totaling 110,000. She tried to refi, and the home is worth 113,000. It's a divorce issue, and husband left her with all the debts. She wanted to just let the house go into BK and call it a day, however she really wants to keep the home for her children's sake. I would like to purchase the home, and have her pay me rent. How do I make this work?
That's nice. But your heart shouldn't rule your head.
In those situations, it's best if a friend or family member were to step in, buy the house, and lease it back as a gesture of friendship. They'll be more forgiving when the rent is late.
Because sooner or later, the rent will be late or stop coming at all. You'll be forced to evict.
And that won't be nice.
[addsig]