Let's look at it this way also.2,400 X 12 = 28,800 a year. 28,800 X .40 (60% costs) = 11,520 NOI before yearly debt service.So 115,200 sales price at a 10 cap.

Due to the above average prices and amenities offered, mostly all of my units are leased by executive or professional tenants.As I mentioned, my goal in adding this string is to aid in search and not eliminate any potential applicants.Any advice is welcomed.

If collection attempts have stopped, the note become a "stale" debt, as they may be viewed as an abandonment of the loan by the holder over time, they will be uncollectible.

In this example case the lien is extinguished and no unsecured debt would not exist either.The senior mortgagee would still have to foreclose.

This step eliminates the tyre kickers and leaves us with a pool of reasonably qualified applicants.

(Even though you're consolidating debt currently borrowed against the home, in a case like this it most likely will still be considered cash out.)I don't know that you'll be able to keep the hard money loan, which I'm assuming is the 1st lien, and also get a new second loan for the additional payoffs.

In fact, I am always dishing out advice to the "young bucks" to never jump into your "forever" home" because it will just keep you "forever in debt!"

However I just worry with having that much debt over my head on one property.

BK, if discharged and the debt is not reaffirmed, simply relieves the owner of personal liability.

One of the founders of guru seminars.Invest in Debt by Jim Napier.