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Updated almost 5 years ago,

User Stats

89
Posts
27
Votes
Michael Williams
  • Investor
  • Memphis, TN
27
Votes |
89
Posts

Need Info 4 wholesaling InterFamily Transfer House-If Possible

Michael Williams
  • Investor
  • Memphis, TN
Posted

My wife and I were in FedEx Office taking care of some Real Estate business when a customer noticed my "This Guy Buys Houses" Hoodie and asked if I did renovations. After a brief conversation, I discovered that she was planning to be moving soon but was worried about the house next door bringing down the price.  This house is the worst house in a nice Historic district. The house has been vacant for years. She said the owner comes by the house every 3-4 months to check on it. 

She gave us her address and said it the scariest house on the block. So we finished our business and went over to the property immediately. YES...it was the scariest house on the block. My wife is a realtor so she pulled the house up on RPR. The house was Quit Claimed to the family member. Is this the same as a remainderman where the home can only be sold or gifted to another family member? 

Hoping to get some info from someone that has dealt with this same situation or an estate planner that also understands real estate investing that can give a best-case worst-case scenario. This way I will know how I can approach this owner about this property.   The first goal is to wholesale it to one of my buyers if price is right or partner with an experienced rehabber to get top dollar. Again, if the price is right.