I agree we are facing a nation wide shortage and this will continue to put pressure on pricing but buying over priced existing for appreciation the not only way to go in those markets. 

Yes, and I think the lack of housing has also been impacted by the institutionalization of the SFR asset class with many large funds acquiring SFRs nationwide. 

They are out of OH but work with clients nationwide.  

Admittedly, if a nationwide recession hit, and property values and/or rent dipped 15 or 20%, this person is subject to loosing 15-20% of $900k in properties, rather than the widow's 20% of $225k.Then, if you use the BRRRRR method, the cash-out refinancing, once you have enough equity (usually through remodeling the property, but sometimes through market appreciation) allows you to ideally grow a portfolio of rentals with 100% financing....and zero of your precious equity left in the property.....I know of a BRRRR investor that turned $80k cash into 30 rental properties worth about $8million ($5million in loans, $3million in his equity) in 5 years....granted, he bought at the bottom of the 2006-08 recession and benefited....but much of it was the buy at a discount and remodel profit.Then decide if the risk/reward is right for you.You can say "look what I did with low leverage" (slower)....or "look what I did with maximum leverage" (faster).

I use a big nationwide bank and don't have problems with this. 

Plenty of 90% Interest Only Lenders available in the private space nationwide, if you can't find one of them yourself PM me.  

what is the total outstanding on the loan?

I just joined a great group of investors that are absolutely KILLING IT nationwide!

Hi @Rhonda Blue, it sounds like you have interests nationwide and use your 1031s to shift geography as it benefits you.  

I am confused as to why there is no outstanding loan default amount listed in the notice in the paper, and I'm thinking that if the original loan was originated in 1987, there may not be much of an outstanding balance at all....Will someone please fill me in and let me know if I'm crazy to think this could be a great deal.