Mark Heath if you intend to invest in a commercial property such as an office building or apartment complex I would definitely contact several local commercial real estate brokers and mortgage brokers to better assess your options.

If I consider working for a reduction, I will be assessing your needs and the liability of working in a non-fiduciary capacity with you.

Remember that you can also have some seller concessions (but that won't net you any more money).Then, the next similar property has your sale to serve as a fresh comp at higher dollar value.

So here is the scenario:Current Market Value as of the Lease Option was written in as $247,000(this is a number we both agreed on .. based of an appraisal that was a year old and off of tax assessment.)Option Consideration was $10,000 (roughly 4%)Purchase price at the end of the lease is $247,000 minus the option consideration of 10,000 equals 237,000 due at closing.

He contacted me and asked if I was interested in purchasing the property.I got him to give me a payoff sheet from his lender.His principal balance is $50647.47interest rate is 8.875%he owes 5 months in arrears.his monthly payment is $502.85Total payoff of $53620.43 is good until Feb. 1stHe wants a couple grand (he said 9-10) to get back on his feet.Home is assessed at 95k (City Property info)He has had a tenant in the property for 18 years, they have no intention of moving, infact they would like to purchase the house themselvesTenant is paying $600 a month, they cover all utilities.Anyways I went to the property today and built repoire with the tenant.

Talk to the water department and learn how old the water and sewer system infrastructure is at the street and are they going to be having a special assessment to cover delayed repairs and improvements to a failing system in the near future??

I Just worked with a guy just getting into real estate.The house was assessed @ $84K comps are $78-$85 in the street.Estate sale on the mkt for $69,900It's 4 brm 2bath has a new hw tank, fce, pex plumbing, windows siding etc but needs updating & a roof.

Even though I would rather work by myself I don't mind a buyers agent if it gets me in the house to assess the property.

Does that mean the HOA is now doing a special assessment upon him and I?

I agree with above assessment that to try it before you give up on outside management unless your over leveraged and cant afford it.