Getting ready to offer a deal

[Dan Naumowicz]

We are now managing a 4 unit investment property in Oak Park IL for a family member.

After their unexpected passing we found that there was a reverse mortgage on it.

Property fair market value is about $335K with foreclosing Lenders estimate of $495K.

The lender started foreclosure process, but we want to keep the property either to keep it as an investment property ($41.7K rent -$10K taxes -water), or sell in the future when prices pick up.

With the current market we cant get a fair shake on the price, and we had some funny low ball offers from people/investors wanting to take advantage of the situation.

We are looking to either partner with someone knowledgeable and split up the units and future rent profits, or loan $285,000 cash in exchange for a 30% percent stake of the home's future appreciation.

What would be a better sounding offer to you as an investor? Perhaps a different deal all together?

Dan

JSLPM