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Updated over 14 years ago,
Tired landlord wants out... of 32 homes! How to talk to the bank?
We found a tired landlord with 32 individual rent houses around town. Some are multi-family, many are section-8, most are currently rented and CASH FLOWING (plus EQUITY from our discounted price)! Each has its own commercial loan.
One (local) bank has 8 of the loans and is foreclosing (landlord's partner apparently made off with some dough).
We have all 32 under contract and can wholesale any of them, but for the 8 going to foreclosure (May 20!), what's the best tactic in dealing with the bank?
How do we convince the bank that letting us A) short sale these or B) buy the notes at a serious discount, is a good idea? We want to provide a compelling case to the bank, and they've been firing their hi-pay employees and moving the minions up in the ranks, so it'll probably require kid gloves to avoid the appearance of "stepping on toes".
Ideas?