What would you offer?

[Steve K]

I'm looking at a dumpy little 5 unit place that is currently going through the Florida foreclosure process. It's not too far along and i'd presume has at least another year or before it goes REO.

5 Units - all 1 bedroom
Rents: $400 / mo

Factoring 60% of income will go towards expenses.

I haven't done any inspections yet so deferred maintenance is an unknown.

The bank is open to doing either a short sale or a note sale. I'm interested in going the note route for the biggest discount possible but i'm undecided on what i want to offer. The BPO is around 90k and the numbers are decent at around $80k on a straight purchase.

What would you offer on the note knowing that you'll have to take it through the foreclosure process?