I just located an owner in distress. Heres the numbers
Sale price- 529,000
ARV 610,000
Needs 5-10,000 worth of work max!
They have 3 liens on the property, 1 is 4 months past due, 2&3 are 2 months past due.
I have no cash available and I need Help, this is a great deal in NY. What should I do??? Please Help me!!!
I’m not really seeing a “steal of a deal” here…I’m seeing a property at almost 90% of retail and that’s before all of the bills are paid!
I think that you’ll be really surprised at how fast the equity will be eaten up…
On the other side of the coin, there is SOME equity but this is by no means a “steal”.
My two cents…
Keith
i agree it is way over what i would call a steal as i call it a steal if i can get it at around 40% of arv and this is not the case here at all a fair deal but not a steal 
Just because its cheaper than the FMV, it doesnt mean its a deal…
Try to get the seller to let you do a short sale. Make the second and third liens go away for a song and a dance and you might have a decent deal. Do you know the LTVs on each loan?
If property is distressed, why such a high sales price?
Mc
Short sale it. By the time the short sale happens all the equity will be gone. Great S.S. deal