A real estate investor bought a non-performing loan from a bank instead of doing a short sale, letting him acquire a property with $4.2 million owed and $1 million in county liens. Other buyers couldn't get past the liens. He could.
I had bought that deal as a non-performing loan from a bank, and this is how creative real estate deals can get you into just awesome deals that other people are trying to buy and can't. So on that deal specifically, everybody was trying to buy the property from the owner and they were trying to do a short sale. Okay. The guy owed $4.2 million roughly on the deal. He had $1. $1 million roughly in code enforcement liens. And everybody was going in the front door trying to buy it as a short sale. And as soon as they would get behind the scenes and they'd see, wait, this thing's got a huge million-dollar loan with the county, it would kill the deal.
Episode 575: Redefining Retirement as the Day All Your Choices Open Up with Doug Bennett
