They go after anything and everything in pursuit of the deficiency, hoping to either foreclose or collect any overages from future sheriff sales.

Will you be able to collect at least that much for this property?

I am thinking we can sell it for $28k w/ 2-4k down and create a second position note for $10k (either P&I or Int Only) We could also assign outright and collect a $4-6k fee, but I think we could do the above options and profit more down the road.

The scenario becomes much stronger if you can collect your full rent as listed above.

I know a real estate developer and a Vice President of a Property Management company so I think I have a pretty good head start with people who can help me with the tons of things I don't know.Anyway that's me, I look forward to learning from the collective wisdom of the BP Community

basically, the seller writes us a check at closing for that amount.Here's what I totally dislike about this notion: after 2 years, we are still going to have those expenses (hell, they'll almost certainly be higher by then), and we'll have a few more decades of debt service to pay on the property.I'd like to call upon the collective wisdom of the BP community to ask: given the situation, would you walk away?

In many cases, the DIY type note amongst family will have a hard time being used as collateral since from time to time, they are not conventionally underwritten, do not use conventional agreements and the file itself can have defects that impede or prevent enforcement and collection if challenged.

I would totally agree Mr Turner training videos." electric, heating, water and trash "Consider :~~~~~~~~~~~~~~~~~~~~~~~~~property insurancetaxesoutstanding work need on propertycurrent rent versus market rentExamples :~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~property collects $987 per month in rent50% rule -> 987 times .50 equals $493.50 < - tenants pays unties60% -> 987 times .40 equals $394.80 <- owner pays utilities$493.50 minus mortgage / etc equal you Net operating income / mth$394.80 minus mortgage / etc equal you Net operating income / mth2% rule3000 monthly rent divide $89000 purchase price equals 3.4%Good luck

How do I deal with things like late fee policies, collecting rent, etc when they've already signed a previous agreement?

Finally having time to perfect my Ballroom/Latin/Tahitian skills and doing performances or competitions like I've always dreamed =) Opening up my quality second hand clothing boutique so I can pick and/or trade my clothing whenever I want.