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Updated over 3 years ago, 05/05/2021

User Stats

21
Posts
16
Votes
Charles Yant
  • New to Real Estate
  • Amory, Ms
16
Votes |
21
Posts

Pass, wait, or pursue? First time jitters ?

Charles Yant
  • New to Real Estate
  • Amory, Ms
Posted

If you had a deal that would basically give one small rental house free and selling second house by itself would do about 10  percent gain on initial investment plus repairs, would you pass or pursue? Basic story is this: The owner is investor/entrepreneur that has been in over head and has had issues paying taxes since purchase 2015. Ton of debt from loan after loan to fund next project including her family's projects. Every year tax lien has been sold. Owner has redeemed all but 2018 and 2019. I have their info and discussing agreeable redemption and  after talking with the property owner she agreed to sale. Other oddity thru her lawyer only. Both houses currently under lease. One for $400 a month and one for $650 a month. Both are livable but need work. Would it be better to wait her out or continue course? All together back taxes and current will be around $3,500 plus bout 15,000 repairs. I want to pursue it but same time do not know if first time jitters dealing with owner straight up or my gut honestly telling me walk away.