All Forum Posts by: DuWayne Jones

You should check with the lenders you plan to use for the financing. Without financing in place up front, you won't be able to refinance - but this sounds like you would be opening a first mortgage. I was thinking about this exact same question yesterday, so I'm curious what others have to say. Thanks for posting, and best of luck!

Thanks for the feedback- very helpful. I hadn't expected to do a first deal through probate, but we'll see how this develops. There is a probate hearing coming up in a couple of weeks, and I've talked with the attorney handling the case- pretty tight-lipped about any details, but she did confirm that the estate will definitely be selling the property. No big surprise. I'll check on the Letters and see what comes of it.

Thank you again for the feedback.

I'm working on an offer for a duplex in south Minneapolis that is going through probate - potentially my first deal. The property is in the foreclosure process with a reverse mortgage. The estate executor has not been finalized yet, but soon. Does anyone know what special due diligence I need to be aware of in this case? Any feedback is appreciated- thank you BP members!

Go to one of the local hardware stores and ask for a list of referrals - they may have several contractors, some GC's and several trade contractors like plumbers, etc. that their customers have given positive feedback on, and work in your local market. No doubt these customers were not flipping their property like you are, but it is worth a try in my opinion. 

Ditto on what @Sawyer Lubke posted about your due diligence. Just because these contractors come with references from customers at the hardware store doesn't mean they will be a good fit for you.

I hope this helps - Good luck!

I know of a very nice property in my area that is owned by someone who apparently has no motivation to sell, and yet this house sits vacant and abandoned, and is being assessed fees for maintenance by the City. It's been empty now for years, and is starting to show signs of being neglected.  I don't know the owner's personal situation, but I've learned that she is not interested in selling and has been approached multiple times by individuals and the neighborhood.  Does anyone have any idea what might be going on here? I'd like to contact the owner, but I wonder what the approach should be.  Any insight is appreciated.

Thanks-

If the house is listed, is it REO or is it going for retail? If retail, that's probably too much from the start, although I'n not familiar with your market. The construction costs don't seem too crazy to me for what you're trying to do, but it depends a lot on your labor market and could vary a lot with the extent of the remodeling. Part of your estimate also needs to include a contingency for unexpected discoveries that always happen in a remodeling. I would suggest 20% or more. This is your first deal - sounds like a lot going on!

I like the envelope forwarding idea! Another thing you could try is to talk to the neighbors.  Chances are, they don't want the property to stay vacant either and may be happy to share information.  It's definitely worth a try, and you may also learn some valuable inside information while chatting with the neighbors. Good luck!

One thing you could try if it is feasible for you is talk to the neighbors. I visited a vacant property and spoke with the neighbors tonight. They had a lot of good information - I found out where the property owner works, and I'm going to try to contact the owner at their place of employment. It's definitely worth a try, and you may also learn some inside information while chatting with the neighbors. Good luck!

Talk to the neighbors.  They will likely have a lot of good information. I've done this at one property, and I found out where the property owner works - so i may try that route. It's definitely worth a try, and you may also learn some inside information while chatting with the neighbors. Good luck!

Check the County Records first, but that might not help if the records show the same address as the vacant property. Talk to the neighbors. I visited a vacant property and spoke with the neighbors tonight. They had a lot of good information - I found out where the property owner works. I'm going to try to contact the owner at their place of employment. It's definitely worth a try, and you may also learn some inside information while chatting with the neighbors.  Good luck!