One (of five) of the property she owns have mortgages totalling $450K.
Check.
She is behind on all and the one I am thinking about taking over is worth about $900K-950K…
“Worth” is what you can sell it for. How much are you buying it for?
…according to a mortgage broker friend I have who ran the comps/numbers.
See above.
Also, the “mortgage broker friend” part gave me a slight shiver.
I think we are going to buy her out and have her deed the property over to us. No loans involved, just getting her out with one property not foreclosing on her.
So why hasn’t this savvy multiple-unit real-estate investor sold it? And don’t tell me she hasn’t had time…
We are going to refinance and then sell the place way below market ($750K to $800K) to get it moved.
Sounds like you’re already admitting it’s not “worth” $950K if you need to lower the price by $200K to sell it. So much for your friend’s “comps”.
We’re going to do this deal with 4 others to minimize our own risk.
Share the “joy” with 4 of your closest friends, you mean.
Look, I don’t know you from Adam, but you come here with a foggy story, asking for advice when you clearly already had a plan, and something’s shifty at the heart of this deal, and in my mind, the only question left to answer is who is going to be left holding the shaft when the music stops; that is, whether you’re the con, or the mark.
