What to do!!??

Question

Hey guys,

In my neighborhood an elderly woman recently passed away. About three weeks or so now. She lived on her own and now her house is just sitting there. I feel so bad even thinking there is a deal to be had om this poor woman's passing, but I can really see this as a prime piece of property. House in decent condition, great neighborhood and surrounding area. I'm a newbie so I was thinking about a wholesale but I have no idea what her family plans to do with it. I'm actually not even sure she has much family because she never talked about them. How would you go about this in the most tactful and respectful of manner?

Thanks,

Spencer Wilson

Christina R. · Answer

were you a next door neighbor or a few doors away/on another street? if not next door, maybe start with asking those who lived right next to her if she had any family in the area and then ask leading questions from there to try to do some fact-gathering. Maybe search the property records and see if the property is in her name or a trust. Is there mail being delivered to the property? If not, it's getting routed somewhere most likely. Jot a personal note that just says something to the effect that you are sorry for the loss, you remember her (in "x" way) and when they are ready to settle her estate you hope they contact you as you live in the same neighborhood and would like to make sure her property is as well maintained after her death as it was before.

then put a note in your calendar for 60- 90 days after you mail that letter to do another mailing that is basically "just staying in touch with you."

I'm sure others that have actually been in this situation have stellar advice for you.

then put a note in your calendar for 60- 90 days after you mail that letter to do another mailing that is basically  "just staying in touch with you."

I'm sure others that have actually been in this situation have stellar advice for you.

Paul Timmins · Answer

@Spencer Wilson

Congrats on getting started at a young age.

Locate the death notices and any write up of her passing there should be a list of potential heirs. Connect explain how you helped her and express an interest in the house.

Build a strong foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having 50 past ones to catch up on.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info.

Good luck

Paul

Jerry W. · Answer

@Spencer Wilson , I think you are on the right track.  Find out the heirs or estate PR and send them a note saying you knew her and you are sorry for her passing.  Offer to help them especially if they live far away with things such as mowing the lawn or watering it if needed.  You can also mention if they plan on selling the house instead of keeping it you would be glad to help out with that too if they wish.  My neighbor died next door to me, and I mowed his lawn for free for several months as they lived far away, I watered it also.  John would not have wanted his house to look unkempt, he was a good man.  I told them that I bought real estate to use for rentals, but his property really was too high priced to do that, but if they had trouble selling it to contact me and I would see what I would do to help.  After setting empty and having at least 4 deals start and never close, they finally asked me what it would take for me to buy it.  I told them I had no down payment but could get a loan for the 80% if they would finance the 20% down on a 5 year balloon second mortgage at 2% I could buy it.  I even paid them $1,000 above the lowest offer they had accepted.  I closed for less than $500 out of pocket and got a pretty nice house.  It needs updating but works well for a rental.  I am sure most wholesalers would do it differently and just say I will buy your house now for X$ and that works for them, but this was my way of showing respect to my friend.  Best of luck  BTW if the first method fails get the ARV of the place and send them a I will buy it now for X$ yellow letter every month.

Christina R. · Answer

I would say that's even better because you had a real relationship with her. You can stress that in any communication. I would like to think if it was me and I was getting something after my mom passed that I'd be more incline to work with someone who knew her if I was going to eventually just sell the property quickly

Spencer Wilson · Answer

Sorry for the typo. I meant to say I used to mow her lawn.

Spencer Wilson · Answer

Christina,

Thanks for the reply. Great suggestions. I think that's a good place to start. And to answer your question I actually lived a couple streets over but I knew the woman pretty well because I used to ow her

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