@Dan M.  Asking

He said he has the following issues with it and hasn't taken good care of it the last 15 years he's lived there (also built in 1977):- rotted wood all throughout the roofline- brick wall venier on one side of the house is falling apart- sheet rock in many places needs to be replaced- cabinets have never been painted or stained- carpet is over 20 years old- linoleum floor in the kitchen and hallway is yellow and peeling up- walls haven't been painted in 15 years- septic issues- a couple of leaks in the roof- possible insect / termite issuesSupposedly a lady has offered him $80,000 for it. 

Great venue and the people are great also. 2 months ago was a huge turn out, now with the mask mandate going on it seems to have tapered off a bit but still had a great meet up and got to really know some other investors in depth at the last meeting.

Thanks you and everyone please wear a mask. 😷.

A great value-add property may have peeling paint, outdated appliances, or overgrown landscaping, which all affect the curb appeal and the initial impression that a potential renter will form.

True the before pics did seem like the house just needed a clean, however it did not show the gouged and peeling engineered flooring, stained carpets, beat up walls and bad paint.

As Dion mentioned, stripping a note, buying a number of payments or say just a future balloon payment can be done without security issues if you are a broker in the business, it's done by buying participations with the holder rather than peeling off amounts to investors, this is a normal banking and finance function in brokerages.There would be no sense in buying any note that you could not negotiate the terms of, restructure or refinance, you'd be a lame duck, so get the appropriate licenses.

Generally it comes with a 5 year warranty against the glaze peeling or coming off.

We had to get the inspector back 3 times because they kept finding peeling paint they didn't like.

A few of the agents have been in touch with me since I posted, as they are keeping their ears peeled to what we are looking for-- multi family units.