Hidden Deal???? HELP!!!

My name is Mike and I am fairly new in this industry…

I have a seller that has presented the following situation. She has power of attorney for her son who owns a property in “not a great area” and I would consider it a rental prospect. Property purchased 2 years ago for $35K. Mortgage payments are $253/month and are current. Median sale price for houses in the area is $31K. So right now I’m looking at this deal and thinking…NO WAY. She has probably only taken maybe $500 off the principle and I can’t help.

Here is the problem…after discussing with her the fact that I would have to run the numbers for this property she reveals that she has 2 other properties that she owns free and clear and just wants to get rid of them. Now I am thinking there might be opportunity here. I have to meet with her to view the other two properties in the morning… I know one of the properties needs a good amount of work and I’m not sure about the other… I would appreciate any suggestions…

Thanks in Advance!!!

Suggestions about what? You haven’t told us anything? Need more hard numbers on the other two properties? Do you have to buy the first to get at the other two? Sounds like her son is the owner on the other one, so maybe she wants hers to go first?

More info appreciated!


I have no other info on the additional properties until tomorrow…