I'm new to the whole idea of investing, but am willing to give it a try. I'm currently looking at a home right now in Woodbury, Mn. Great location, great school system, nice place. The current owner wants to sell it and move to Florida. Here's the scenario: He owes $250,000 on it, its FMV is also $250,000. He calls me at least 2 times a week trying to get me to take it off his hands. From an investors standpoint, it does not seem like it makes sense to look any further w/ the property cause he owes what its worth. Am I missing the boat here??? Is there anything I can do to possibly make money off the property?? He has NOT listed it yet.
Posted on: Thu, 09/24/2009 - 19:45