All Forum Posts by: Gary M.

Sounds good to me but I'm a super-newb. Run the numbers through the Property Analysis Tool and see what it turns out. Is being a landlord fit with you and your families lifestyle and your investment stategies? Do you think that you could "flip" it to another investor?

I may be totally off. These are just my thoughts.

update:
I went ahead and paid for a title commitment. At the title co the lawyer on staff was very helpful. She said that it was definitely doable. I just need to have the remaindermen sign Warranty Deeds and schedule a closing. Now tracking down these people is going to be my next hurdle. I need to get all this done by August, that's when it's sold by the city.

Two questions:
1. Any suggestions on tracking these people down? They aren't listed in the phone book. The last know address for two of them came from court house records.
2. If getting them together for a closing is a problem, can I close w/ each of them separately?

Your input is appreciated.

I'm not desperate, because I seem to be learning by doing. But, without any local REI club or mentor I do value and need all the input I can get. I hope my updates aren't a nuisance.

The property I want (see this thread) is in a life estate. Before I talk to my lawyer please give me an idea of what I can expect buying a house from more than 1 person (the house is to be sold on the individual's death and divided between 2-3 ppl?). I'll get my title search in a few days which I am sure will reveal back taxes that need paid and other things.

Also, what can I do to limit the amount of work my lawyer has to do. What forms should I have ready so he doesn't have to completely generate everything?

Any other input on this deal would be greatly appreciated.

I think if the obstacles can be smoothed out I should be able to get it at less than 50% ARV.

OK, I talked to a lawyer and it is doable. To oversimplify, the family needs to sign the title over to me. It's not that cut and dry but it seems that this is not unheard of.

What I imagine is that I will offer to pay the family to take this off their hands. That could be really really cheap or they could get greedy.

My current investing strategy is to do capital gains type deals to eliminate our personal debt. If I get a real exceptional price on the house, should I just pick up the trash, mow the yard and sell to another investor, or go for the complete rehab? The house is prob. $94,000 ARV, rents in this area are about $750/mo for 3br 2 ba. I've not been in the house, as it's not available to view, but I think that it would be prudent to assume that it's rehab would be worst case scenario cost-wise.

My next step will be dealing with a private lender. He is an experienced RE investor and retired agent. What kind of terms should I expect and how is the money doled out?

Any thoughts on purchase price in this scenario?

Any advise for dealing with a private lender?

Would it be possible to move before it is condemned? I did a little reading and it seems that the house could be transferred. I just don't know if I have time or what questions to ask.

I'm a rookie investor looking to do my first deal. I'd be nervous with an auction but this is a little overwhelming...
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Can I do this deal? Should I even try?

Sorry I didn't check back sooner. No, I can't find that link. Sorry.

Um, OK. I may be steering away from his group.

It looks like he may have set up shop in Houston MO. I saw an investment club notice on the internet somewhere.