You are also exposed to the due on sale clause which I know people say is never exercised by lenders but I know first hand that that is not true.

A little market research on my part shows the rents to be on par with other units in the surrounding units.The four plex on the other hand w/ 10% down ($15,000) has a Cap.

You don't want to reveal that until you know you have a motivated seller on your hands and you surely don't want any unnecessary BBB strikes.

Nothing beats going out and getting your hands dirty.

My partner said it actually worked and he closed escrow on his first property with a small check in hand.

I can do it by hand, but it takes loooong...Spreadsheet or Web-based application would be ideal 8) Thanks in advance!

However I would locate the banks rep and hand him my card.

Criminal background checks are done to get your license so why should we just hand over our lock box access to anyone, just for their convenience.

All of the above can make the note worth anywhere from 0 to above par (37k).For instance, if the payor has good credit, has paid for a year on time and currently is up to date, and if the note yield were in the 10-12% range or so with a loan to value of under say 65%, then you'd probably get close to par if not more for the note.If, on the other hand, the note is delinquent, has almost no equity to back it (which it sounds like this note has), and has any other senior liens ahead of it, then it is worth just about 0.Anyways, without the rest of the info, we can only guess.

Frankly, I drop projects in process to show units and get application fees in hand.