All Forum Posts by: Yu L.

I went into contract with this absentee owner. The ARV is $550k, contract price is $400k. The repair should be around $60k. However, there might be problem with the roof and major termite issue underneath the bathroom, since the wall in the shower was opened and the tenant just put something like a sheetrock there, it wasn't fixed properly, so water can go down and cause major damage to the subfloor or the foundation, which would greatly increase the rehab cost.

The tenants have been living there for over 23 years, they don't want to move, (a couple in the 50s with the dad in his 80s) so they don't let me in to do the inspection. Landlord inherited the property from his stepfather, he has $330k mortgage on it, he just do cash out re-fi this year and got $100k loan out of the property this year, so I guess he wants money. So to him there is about $70k profit.

I really need to do the inspection of the roof and the subfloor to see if that would cost me another $15k ~ $25k for the repair.

The landlord already filed eviction and received the Writ of Possession, so he can kick out the tenant and let me do the inspection. However, the landlord want to keep the rent coming in, that's why he doesn't want to kick out the tenant. We have been trying to get the tenant's cooperation to get in for the last 2 weeks without any success.

Without the inspection, it is hard to ask the seller to just lower it by another $20k, however, if I ask the landlord to kick out the tenant and then do the inspection and lower the price after that, the landlord might feel being used. And without the rental income, he might feel the pressure from the mortgage payment and be pissed off that I put him in that situation and cancel the deal.

So what would you suggest?

@Sharon Vornholt, I listened to your podcast, that is very informative, thanks for sharing. You mentioned that you have a series of letters you send to probate leads. Can you briefly describe the difference in the series of letters? And how long you wait in between letters?

Also, when you reach the last letter in the series, do you go back to letter #1 or you just keep sending them the last copy until there is a deal or they ask you not to or property sold?

I have a question regarding "Sale Date" and "Recording Date" on List Source.

In Listsource.com

I put in the criteria
(A) Last Market Sale Date between 1/1/1900 to 1/1/2000
The number of entries I got is 209

(B) However if I do a Last Market Recording Date between 1/1/1900 to 1/1/2000
The number of entries I got is 513

I am a bit confused about this, since I thought (B) should be a subset of (A)
so (A) should give me more entries but it is not.

e.g. Someone can purchase a property in 1980 and that is group A)
If that person re-fi, that would belong to Group (A) and Group (B)
However, not everyone in Group (A) would refi, so group (A) should be larger

Anyway, I am trying to locate properties that were Sold before 1/1/2000
What criteria should I use? "Last Market Sale Date" or "Last Market Recording Date"

Another questions.

If a property is purchased in 1970 by the father and the father died
and the son inherited the property in 1999, will that appear in the search result of (A) or (B)
or both under listsource.com?

Thanks!