I have a friend that came to me and wanted my advice on what to do with this deal. There is an elderly couple with 5 properties that they want to get rid of.
They are late on payments but there is very little to no equity on the properties. Is there anything she can do with these properties? She is trying to help them out while also trying to make a profit. Here are the details:
127k-0 equity-renter in place-1300/month Late Payments= 0
142k- 10k equity- renter in place-1200/month Late Payments=0
103k-7k equity-owner finance in place-1000/month Late Payments=5
115k-5k equity- owner finance in place-1200/month Late Payments=2
110k-5k equity-renter in place-1000/month Late Payments=2
Is there anyway for her to talk to the bank on some of these deals so that she doesn’t have to pay the late payments? Any suggestions are appreciated.