Hey BP, I have a family member in my community who's planning on leaving their property in a few months due to work commute and affordability. The loan currently has a modification, and at this point they’re interested in simply returning the home to the lender. They’d like to move no later than October. Any strategy to acquire this?...Subto maybe? Is it even worth it? Maybe operate it as a mid-term/short-term rental?
Mortgage is around $3500/$3600 (with modification), and has little to no equity...rents in the area are around $3100. The home is right across from a shopping center anchored by a Target, Kohls, LA fitness, and more. Surrounded by schools, close to hospitals and freeways. Even a hotel project is underway. Additionally the city is having massive population growth.
Let me know your thoughts.
