I can also tell you that our early buyers are back for more properties, and in some cases, significantly more properties as they have had success with their prior acquisitions, but this program, as with any other investment opportunity will not be for everyone.As far as a "get rich quick" scheme, I assure you that preREO is not that and has never been promoted as a quick way to riches.

Hi @John Daniels - the mortgage company I work for, Assurance Financial, is based out of Baton Rouge and we have offices throughout Louisiana.

How cool.Well, It's because I was seen as a player, a closer (meaning I close on deals I put under contract).I said, "I didn't know you owned a building" and to that he said "yes, it's the building with two - first floor retail spaces and 9 apartments on the corner".Dang, just what I love.

The rental had ratty furniture, a record player prominently featured in the marketing but it had no speakers, missing basics items in the kitchen, lots of drunks in the concrete hallways that reverberated right into the bedroom at 2am, a strong odor of urine outside, and more.We have super hosts in this forum that have hundreds of 5-star reviews and are masters of the craft, but I look at their rentals and see they don't have any artwork on the walls, decor is basic, they do nothing to make the guest feel welcome, etc. 

Some who are major players doing big stuff.

Multi-family for me has been the way to go and has left me assurance that even during vacancy, I will be covering most of my mortgage. 

I assure you even with a property manager, it's not passive.Just remember the point is to make money, not to own doors.

They stated that they were not a lawyer so they couldn't comment on the legalities of my question and they still worked for the bank so they couldn't give me any more info without losing their job but assured me that I was on the right track, keeping asking these questions and don't stop until you find your answer. 

Either way if the balance is 140k, without going through the short sale process (which will take a few months) no one can assure you of any approved sale price.

If curious, here are the last two: Jan 2023: Multifamily Real Estate is At Risk of CrashingFeb 2024: Multifamily is at High Risk of Continuing It's Historic CrashI think that the title for my 2025 analysis (likely Jan/Feb publication will be something more like:Multifamily is Finally Going to Hit Rock Bottom in Q2/Q3 2025 - Get Ready to Buy a LOT of itAs usual, I like to publish my draft thoughts here to get input from key players in the space and these forums, especially folks like @Brian Burke, to see if I am missing any high level areas, before I get into the weeds and look at the data more deeply and regionally.