Got a call from a landlord that has a property that he wants to get rid of. He owes $166k and the house is worth $185k. He wants 3k to pay for medical bills. He is currently getting $1300/month from a renter.
Any creative way to make money on this?
It might be a possible subject-2 deal, but will depend on what his payments are for his underlying loan. If the numbers make sense you would give him $3000 and then take over payments. Make sure you not only check payments on the loan, but whether taxes, insur is escrowed and the terms of the loan (adjustable, fixed, etc)