There are two distinctly different collection strategies you can pursue:1) Collections Company: there are several that ALL they do is pester the debtor for payment with calls, texts, emails, letters, etc.2) Collections Attorneys: they will get a money judgment for balance owed and then pursue garnishment as necessary - including garnishing any state tax refund (if the state allows).Both will take a percentage of what they collect.

Hi Austin,I would recommend you consult a Broker that specializes in buying and selling profitable businesses.From my understanding balance sheet is key in the due diligence process.

Equity is great on paper, but it may not mean much when the first position balance has grown exponentially due to accrued late fees and penalties and the property is selling for maybe 70 cents on the dollar at auction. 

He sent me a balance sheet showing $157M in net assets. 

$230k Purchase Price$225k Balance$25k+- in renovation materials.

I had one were my PM calls me its in INDY cold winter they just had baby cant  afford the rent and heat just take no payment for 2 months then they will add the balance any pay it off.. well of course after 2 months they just left  LOL..

Make sure you have funds set aside for an emergency, if you have personal debt, try to eliminate as much as possible, understand what your personal balance sheet looks like in regards to monthly cash flow and net worth.Investing in real estate is investing in a business, and you need to have a good understanding of your financial picture before you begin to buy a business.I would then focus on what niche you want to start with.  

If I let them leave with a balance I will never get paid. 

I am replacing the balances and pivot shoe locks. 

- **Seller Payments (if applicable)**: If you’ve agreed to pay the seller anything over and above the mortgage balance (such as equity in the property), you’ll make a separate payment to the seller.