Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Albuquerque
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 6 years ago,

User Stats

18
Posts
7
Votes
Corban Kurz
  • Rental Property Investor
  • Albuquerque
7
Votes |
18
Posts

Albuquerque - Dealing with Solar already on a property questions

Corban Kurz
  • Rental Property Investor
  • Albuquerque
Posted

Greetings All...


I am curious if anyone has experience with Solar Contracts. 

The back story is that I have an off-market lead for a rental gone wrong that they want to sell quickly and easily. The mother (an older lady) bought the property her for her son who was renting it out. The son stopped being consistent with payments, and she has evicted everyone from the property. I like the property as it is basically like a duplex with a 3br, 2ba home and a separate 1br/1ba apartment/mother-in-law quarters. The property itself needs a little work, but is not in terrible condition. With both units, I like the potential for rent income. 

The main issue is Erus Energy got the son and mother into a recent Solar Contract for $45k with 20 years of payments at 3.99% for a payment of $280/month. I don't know why or how they thought this was a good idea, but I have no interest in the property with the solar contract. It appears to me that the solar contract remains with the signor (the mother) and they can lien the property senior to all other liens. 

Is there anything I can do to get them to remove the solar and buy the property without the risk of a lien? Anyone familiar with this?

Loading replies...