Investor defaulted on a $300 per month mortgage!

[Mike Alder]

Morning BP Fam,

I recently had an investor default on a $300.00 per month note! What's interesting about this is the investor placed a $2,000 down payment and was spot on for 4 months with the payments then everything stopped. I tried several times to work it out with the investor as I really don't like taking properties back but 90 days with no payment it's time!

Here is what is interesting about this, when I sold him the property he requested that we do not file the land contract as he was going through a divorce so this was done on a handshake! 90 days later that decision may of saved me some extra legal headaches.

I've had notes go bad in the past but in 7 years this scenario is a first for me!