Damn, those sign work well.

I believe Dayton is an outstanding market for my particular strategy.

In BK, any excess equity in property can be taken to sale to cure debts outstanding, even with installment contracts and any DIL filed just prior to BK would certainly be nullified as disposing of property will have issues, not only for the debtor but the creditor as well, that's not a good course of action.

Damn you guys are quick, Dion you are right, all the numbers were there, Nathan I would love to hear if you're better or worse than the 50% rule.

Should I offer it anyway even though I am almost sure they will reject it in that it is barely over the outstanding mortgage?

If you really have the cast iron stomach and can muster all the resources to make this turnaround work, I'd go down to the courthouse, find out what mortgages he has and approximate his outstanding balance.

First property:Rent: $550Expenses: $275NOI: $275/monthNo debt, so cash flow = NOICash flow: $3300/yearTotal invested: $21,500 (plus costs)Cash on cash return: 15%Second property:Rent: $750Cash flow per year: $4500Total invested: $28,500 (again, plus costs)Cash on cash return: 16%If you're managing them yourself, you'll generate another $130 a month or $1560 a year in property management fees not paid.15% cash on cash return is reasonable, though not outstanding, for real estate.Consider if you were to apply leverage.

If left open, then it probably isn't truly satisfied; if they paid it off and closed the line so that there are no more draws allowed, then there should have been a satisfaction piece recorded.Title insurance could be a real issue, with any outstanding items such as this being listed as exceptions that won't be insured.

If you are interested in Real Estate, I would suggest you pick a successful brokerage that has an outstanding training program and provides mentoring with an experienced agent to begin.

I have owned about 10 condos and I got rid of all of them because I did not like what I saw.I think you did an outstanding job with your purchasing power.