All Forum Posts by: Austin Ralls

I am a real estate investor in Oklahoma and I am looking for advice on how to go about seeking out home owners who are either in pre-foreclosure status or coming up on it. I have read many forums about how that could be the best time to attempt to buy a property from a home owner, but that there are still boundaries I shouldn't cross. I am seeking guidance in this area so I know how to approach a home owner and stay between the lines of the law and not upset the owner more than I already will by attempting to buy their home with their current situation.

Thanks in advance!

I am looking into buying some tax lien properties and am wanting to begin looking for a good attorney to represent me in any future RE case that might arise either through the purchase of tax lien properties or just any deal that could go south in the future. What questions do I need to ask attorneys I'm interviewing to represent me? Are there certain things I can search for online to lead me to the right attorneys? Is it better to have an attorney write up a rental contract or just get a generic one from online?

Thanks in advance for all your help!!

Austin

Also, if anybody knows of any specific questions I can ask the treasurer I would greatly appreciate that as well.

I am looking to purchase tax lien properties from my county this summer, but looking for a little guidance on a few things. I have been told by the treasurer that the owner has until the deed is filed to pay the taxes and fees in full and then a full year to file a case to attempt to prove the sale is invalid and that is the only recourse they have. Does this mean that I take complete ownership of the property after the deed is filed and can do anything I wish to the property? Or do I have to wait until the year has passed for them to file a case before I can take ownership and resale, rent or move myself into the property? This is another area of real estate investing I'm very interested in getting into and looking for so many answers.

Thanks in advance for all your help!!

Austin

The first area I would start is setting up a business entity either an LLC or some other kind. This will help separate your business liabilities from personal and if you ever have business trouble it won't be attached to your personal. As far as the real estate side goes, wholesaling is a great place if you don't have a lot of money. Buying a list of properties that are unoccupied or driving for dollars are great ways to find properties you could wholesale to other investors and do either a double close or assignment fee and is cheaper then purchasing a house to flip or hold. But I would definitely start out with setting up a business entity to protect your personal stuff from anything that could arise on the business side and most hard money lenders want you to have one set up for their lending purposes, at least most of the ones I've talked to do.

Hope this helps and welcome to the club!!

I've come across a couple of banks selling foreclosed properties through quitclaim deeds and am looking for advice on how I should proceed as this would be my first time dealing with this kind of purchase arrangement. I have read that most quitclaim deeds are unable to obtain title insurance so it's always best to have a title company run a report and make sure the title is free and clear. The ones I've found for sell have utility liens and backed taxes on them, so I'm wondering if these properties would be a great investment after paying those liens off or if there could be hidden issues that would pop up and cost me more in the long run. Any advice would be great.

Thanks,

-Austin

Looking for the best ways possible to get ahold of banks for REO's and how to go about negotiating with them over the properties. I've began contacting property owners that are in pre-foreclosure, but now I'm wanting to contact the banks and get ahold of lists that are owned by them before they send them to auctions.

Thats's my question though, how do I find owners with properties that are wanting to get rid of them? I drive through every neighborhood and look for the ones that look abandoned, but I'm trying to figure out other strategies that are more efficient rather then driving through each neighborhood and wasting time and money that I could be putting towards something that is more efficient and gives me better feedback. 

I have been doing fix and flips for a few years now and I wanna start bidding on tax lien properties this summer. My county has a list of houses that have back taxes owed on them that is updated as people pay those back taxes off, but I am trying to learn how to scout the properties that are on the list and how to go about winning them at auction and how to take possession of them. I have tried researching online as much as I could, but couldn't find anything out there that really helped me out. I am buying properties in Oklahoma so if there is anyone that has a good strategy on scouting properties, winning them, and taking possession I am all ears!! 

Thanks in advance! 

I am a Fix and flip investor in Oklahoma, but I am wanting to get into the wholesale side of everything and I am curious how do I find the properties to send my letters too. I have been on the side of contacting the wholeseller and receiving the property they are listing for someone else, but I am wanting to know what strategies I can take to find properties and owners that are looking to get rid of their properties. I know I can do the street signs and put my number all over the place, but was wanting to know if there were any other strategies that could help me find properties that I'm not thinking of. 

Thanks in advance.