All Forum Posts by: Doug Haisten

I have a few properties I am looking at that seem like they would be good candidates for Subject to. Does anyone have a a couple of example contracts/purchase agreements to share as a guide for me? Also are subject to purchases I make good wholesale?

Is there a separate forum for Probates?

I met with a lady that received one of my D4$ post cards. The lady wants to sell/get out from under the house but has 2 big problems. 1) The house belongs to her mother (widow) but the mother passed away two years ago. The house/will was never probated. Her sisters signed what was probably a Quit Claim Deed. The lady doesn't have a probate attorney 2) The lady (who does not live in the house) wants to sell the house. She believes the owner of the house has started foreclosure proceedings. She has not received any documentation to that effect but received a letter from an attorney offering his services to help her through the foreclosure. This appears to be a owner finance arrangement with the now deceased mother. According to the lady I was meeting with she has only missed 1 maybe 2 payments and believes the foreclosure will happen very soon. Any suggestions on what I need to do first?

Let me add the house comps for about $28K (size, age, Bd/ba, distance,) has a $10K balance (plus $800 in arrears) on the mortgage, and needs about $7K in repairs to get the house to minimal living status. The roof only has a few more years on it. 

I was busy pursuing other things more palitable so I passed on the deal. I understand the lady is still in the house. 

Watch this. If you don't know Sharon she is a heavy hitter in the wholesaling world.

https://www.youtube.com/watch?v=J2ZJkEz2Vwk

So you got no responses or suggestions?

I am sorry, I should have been more detailed on that point. No this would not be a buy and hold for me but for me to wholesale to a buy and hold investor. The pictures shown on the listing are very clear and show an updated house. Not sure how much it matters but the realtor that sent this to me is also a personal friend of my fiancé. 

Doug

View report

*This link comes directly from our calculators, based on information input by the member who posted.

I am just starting out using the BP Wholesaling calculator for a property I received an automatic notice on from a realtor in a town 200 miles away BUT I am familiar with the town (I grew up in this town). The listing is for $78,900 for a 3 bd/1.5 ba 1138 sq ft and a nice area of town. The house has already been renovated but I added $1000 for possible additional renovations. I am using $850 a month for rent which is below the $883 rent shown on Rentometer. Please review and let me know if I have this filled out correctly. Thanks 

@Arlen Chou

The seller is not really needing this for retirement as he is well set he just hates to see the govt get a big chunk and he wants a fair deal. I did mention a lease purchase and him getting away from the repairs/ maintenance, property taxes, collections etc. I’d like to do the lease option with me as the buyer and I could lease option out to tenants or other investors. Is that possible?

I made a pitch for 14 rental properties (13 SFH and 1 ea. 3/4 acre lot in town). We have tentative agreed on a price that started at $1.12M the Seller asked for initially and my pitch of $915K . The Seller countered with $1,065 with me getting the damage deposits and advanced rents (that he is not sure he has these from all the tenants) . We have a few more issues to work out. I told him I had to keep my offer and asked if he could agree to sell at the $915 if I could pay all cash within 7 days-10 days. He first response was, after a 2 minute or so pause, was if he got paid cash he'd "have to to something with that money or have Uncle Sam take a big bite of it. Aside from his wife he has a son (50+ish) and some grandchildren all of which have already been taken care of. I asked how he had expected the payment to be made and he confessed he had no thought about it. He had mentioned in the past he had owner financed but I think it was more of rent to own. I brought up a lease purchase (all the properties are in excellent condition and owned free and clear with no encumbrances or liens).  In both scenarios he is concerned of the govt getting a chunk or his outliving a owner finance. I mentioned the owner finance would be something passed to his heirs (I am way out of my league here). He said he needs to discuss this with his accountant.  So I wait for that meeting. My question, what you heavy hitters do when the owner is worried about loss to the government but is up in age? I'd like to have some recommendations he could discuss with his accountant. Thanks