Perfect - Thank You! https://www.linkedin.com/in/abogie/

Looks like back taxes of $6,646 offset equity value of $6,700 and create near zero equity. So, being vacant and part of a package, guessing 35% UPB or $9,905.

@Shaun Hunt Thanks Shaun...glad to be getting some practice here for the real bids.

@Kareem Aaron Thank you Kareem.

@Iván Terrero Thank you Ivan.

@Robert Hytha Thanks Robert and look forward to the journey! ...I'll follow up with another post with more details of my first npn.

@Robert Hytha Wanted to follow up and offer an overview of my first npn purchase, as mentioned earlier, in hope that there are some learning/teaching points for discussion. This deal was back in 2018, and I had become interested in npn's after doing a course with Scott Carson. I enjoyed his course and learned a lot and was eager to get my feet wet. I formed my LLC and scoured some tapes from various brokers and eventually found a cherry pick opportunity for an sfr in Saint Louis, MO. The note was a CFD and the home was a small, older but attractive brick home with nice front porch, 3/2 with garage in back, and on a reasonably attractive street. The UPB was approx $32K and the FMV was around $45-$50K based on comps. ..I made a bid and we ultimately closed at 40% upb, or about $13K. I was excited and we started the diligence period. We obtained the collateral file and pulled O&E reports and things seemed to be in order. However, the owners were a couple who operated their own hair salon. ..We also reviewed their credit reports and ultimately learned that the husband had recently passed away in an accident, and so the wife was on her own. ...That's obviously a tough situation, and maybe should have been a red flag, but the actual monthly payment wasn't that high and the arrears weren't too bad, and my approach is patient and compassionate, so I was optimistic we could work with her. We had the loan boarded with Madison Management and they were very helpful and sent the borrower welcome letter and conducted the reach out. ...Initially things seemed promising as borrower was communicative. We wanted to be compassionate, and with Madison's help, we wrote off some of the arrears and restructured the note to reduce the payment and bring her current. ...Again, my wife and I were optimistic about the workout and hoped to let it perform and season for awhile. Unfortunately, after a couple months, borrower had problems and payments became late and partials. ...So, again, given borrower's personal circumstances, we wanted to try again to work with her, so we executed a second restructure in hopes she could make it work. Unfortunately, problems cropped up again within just a few months, and we began to realize things weren't going to be easy. So, given that we had CFD, we had a strong position and we worked with an attorney to firmly make that clear to the borrower. Unfortunately, she just wasn't able to perform. ..So, after about a year, we were ultimately able to negotiate with her through Madison and the attorney, and able to offer enough in a "cash for keys" deal to allow her to get settled elsewhere. ...That was a seeming success, but we had also used a Forced Place insurance policy and had a roof claim due to hail in the meantime, so that was an additional complication. ...Anyway, we ultimately used a local Preservation company to clean out the home and then listed it with local broker. ...We finally sold it a couple months later for about $35K, and my expenses had totaled up to about $25K, so after commission, we had a modest gain. The road was obviously bumpy but we believe we did everything we could to work with the borrower.