All Forum Posts by: Brian Cam

Hey BP Family,

I am hoping that someone can help me answer this question.  Is it possible to buy a property from a Irrevocable/revocable trust?  I see properties all the time that are held in these trusts, and I pass them by. 

Can I buy from them?  And if yes, who should I speak to? Who has the power to sell?

Thanks everyone!

If you give me the address I can try to find out for you, though I don't have any experience in that county.

 You need to find the current owner of the property.  It may be a mistake that she is getting the bills (ex the mailing address wasn't updated with the new owner's).

Here are a few things I would do.

1) go to your county records and look at the deed, mortgage, etc for the current owner.

2) call the county and ask if the foreclosure is legit.

3) have a title company pull title

4) find the mortgage holder (either a bank or servicer) and ask what happened.

If you need any help please let me know.

Everything that you mentioned is very important.

If you are flipping I would also include learning as much as possible about renovation costs, contractor rates in the area, budgets.  You want to make sure you are profitable on every deal.

I would highly recommend wholesaling a deal or two to get experience.  This will give you a chance to analyze a deal, rehab costs, contract logistics, and retail value on the sell side (since you will need to run comps in order to buy the property for a good deal).

If I can help you out in anyway please don't hesitate to reach out, and good luck!!!

There are many ways to build a buyers list.

1) asking a local real estate agent for a list of cash purchases in your area

2) going to auctions

3) networking at REIA meetings

4) calling on their bandit signs

5) speaking with other wholesalers in the area.

these are the easiest ways, there are a ton more, you just have to think creatively

Bandit Signs seem to have the best conversion rate for me.  Direct mailing is always another option.  Craigslist has also been a good source of quality leads for me.  Sometimes the simpliest marketing methods work the best.  Why try and reinvent the wheel!

Hey Ben,

At first glance it doesn't seem like there is much room for profit as a traditional wholesale deal.  After repairs there is 10-20k minus your fee minus closing costs minus holding costs.  Perhaps you could have the seller come down in price a bit morel?  Or maybe you know a contractor investor that might be able to cut the rehab costs? 

There's 2 simples ways to protect yourself.

1) Draft up a general "Marketing agreement" which should say something along the lines of, everything that I bring you I will get X (flat fee or percentage, your choice).

2) You could also get the property under contract yourself and "assign" your contract to him.  This is the better way to do it in my opinion.

Feel free to reach out if you want me to clarify anything.

https://www.bnymellon.com/us/en/contact.jsp

Use that link and either send a form or call the number off to the right.  You might get bounced around, but ask for someone in charge of the Bank owned properties.

The other issue is that most of the time wholesalers don't have the cash to buy the property, and therefore don't have proof of funds to show the bank