[Cassandra Edwards]

Cassandra Edwards

I would first try to help him keep his properties by advising him to workout payment plans with his tenants or help them get rental assistance (if he can wait for the new stimulus to start), so he could collect some rent to make his payments. If that doesn’t work out for him, I would offer to buy the properties for what’s owed on them, since there’s little equity. Get the properties under contract, then wholesale them to a cash buyer, which would payoff the existing loan and arrears. The new owner wouldn’t be under the stress of making monthly mortgage payments and could work something out with the tenants or wait to evict them at the beginning of the year when the moratorium has expired, but get the evict process started immediately. I would also help the seller rebuild his credit and business credit to help him start buying investment properties again with less financial risk.