All Forum Posts by: Ben Roberts

Well the site is absolutely terrible.  Once you do a search and click on a name, every subsequent case you click on just takes you back to the first and you can't do a second search without going all the way back.  There are two things you could try.  They feel rather creepy to me, and I've not actually employed them, so take my advice with a grain of salt.  

First, go the Commercial Appeal Obituaries page and jot down all the names from last week. (Presumably they won't have open probate cases immediately after passing) Then do a search for each one.  The attorney's name is near the top and the representative's name and address is listed at the bottom of the General Information page. Contact both of those people. 

Second, you'll likely see a number of attorneys popping up on your list frequently.  Market to them or try to arrange an introduction.  Something to let them know what you do, who you help, how you can help, etc.  I would imagine in Memphis there are probably a few big players in this particular area of the law.  I'd try to get in touch with them rather than going after a million little guys.  

I was contacted by a young woman who said she had a house to sell in Memphis.  The house is 3/1, about 1300 sq ft, near Elvis Presley and Mallory, and she claims it's in pretty good shape, though outdated.  I'm going to look at the house this weekend where I'll be meeting my contact and her cousin to figure out the best way to get the house sold and make them an offer. The house is owned by her grandparents who moved in to a nursing home a couple weeks ago.  She told me that they would likely be signing the house over to her.  

Is my best bet to wait for that to happen?  Suggest she try to get power of attorney? Should I try reaching the current owners directly or have her introduce me?  If they had to be moved to a nursing home, I wonder what the likelihood is of them having all of their mental faculties, or them being able to make a closing?  

Any advice would be much appreciated.

@Lisa Michaels are you located in Memphis? or trying to wholesale virtually?  Can search probate court records here (http://probatedata.shelbycountytn.gov/) but it's not very easy.

Hi @Kyle Davenport, Welcome back and thanks for your service.  I'm a wholesaler in Memphis and would be happy to connect.  Are you looking for anything specific?

Ben

@Amanda Moore, in TN there is no such thing as an NOD which is why the title Co didn't know what you were talking about. Banks don't have to provide any sort of public notice before foreclosing on a property. At least, that's what all of my research has told me. I'm still trying to find a way to get that sort of information.

I have also recently started wholesaling in Memphis.  I've done two deals this year (I took off for the summer because of some personal stuff) I sent out some direct mail this afternoon.  I'd be happy to meet up sometime to compare notes. 

My last deal was from a lead that came in from one of my websites. Do you have a website?  What if anything are you doing besides direct mail?  

The type of maintenance and repair needed is really what they seem to be after. I've had to two tell me that they don't even really care how much I think repairs are going to be. My buyers have more experience, so they'll know better than I do what it really takes to get the work done. They want pictures of the property, my price to them, pictures and explanations of the repairs needed. I still provide what I expect the ARV to be and the estimated rent, but something tells me that these guys will know those numbers better than I do, too.

Man, I think that's a really broad question.  Again, I'm working on my second deal right now, so I'm not an expert.  For my two deals, I've first made sure there was some true motivation to get to the heart of the problem.  In both cases I opened with 'Thanks for inviting me out to purchase your home.  How can I help you?' and both times the sellers just started talking, on and on, telling me their whole story.  When they bought the home, why they bought it, why they want to sell it, why they don't like it, etc.  Then after some conversation, I ask them to show me around and point out anything they think might need to be fixed.  We go through the house, top to bottom, in each room, and around the outside. I point out things that I see and make notes as I go.  The whole time I'm estimating repairs as I go through and marking that in my notes.  Then I go over the list again with them and start negotiating on price. After we agree on a price,  I had them sign the contract and I asked for permission to photograph the home.  

From what I've been able to gather, it sounds like my buyers are expecting more information from me than what I've been giving them.  I'm beginning to think that I need to provide my buyers with a more detailed scope of the work that needs to be fixed and pictures of problem areas.  Something you might want to consider doing as well.

@Curt Davis and @Douglas Skipworth, Thanks for the valuable information!  

Yes.  You need to get it under contract.  If you'll PM me with your email address, I'll send you a copy of the contract that I use  But if you're a licensed agent, you should have access to the standard contract from MAAR, right?     

If you have an address in mind, you need to do a little research to figure out what the ARV is going to be, for example $100K. Multiply that times .70 and that will be the most that a seasoned investor is willing to pay for the property, so $70K. Once you know that number, go look at the house. Try to figure out how much it's going to need by way of repairs, lets say it needs cosmetic work only $5K and you want to make $5K on the deal. Take the initial $70K, subtract $5K in repairs, and $5K for your profit, then $60K is the most you can pay for the home. I would offer the home owner a contract for $50K, leaving plenty of room for negotiation.

I'm working on my second deal right now, so I'm not expert, but I'd be happy to answer any questions you have or at least try to point you in the right direction.  There are a ton of very helpful folks in the Memphis area.  I think I've met all of them via Bigger Pockets.

So as a newer wholesaler, with a very limited buyers list, let me ask this follow up question... @Alex Craig, @Curt Davis, and @Douglas Skipworth, once a wholesaler legitimately has a property under contract, what is the best way, or your preferred method, for them to contact you?