All Forum Posts by: Eric Roloson

First, you owe me a spotted owl BBQ sandwich.

Strange as it sounds, this town DOES enforce "do not occupy" if water is shut off for a determined amount of time.

Second, I performed a large amount (but not all) of due diligence already. Owners are deceased (husband/wife). Mom passed away nearly 2 years ago while the grandsons were living with her. When she died they continued to live there. No jobs and their drug lifestyle got the attention of neighbors and the city. They have been arrested multiple times for trespassing and outstanding warrants. One of the grandsons finally left the area but the other refuses to leave the area. The one who is sticking around has a mother nearby that is the daughter of the deceased. I have not talked to her yet, but supposedly she (mom of the year) is on board whatever grandson wants to do and willing to put that in writing. We will see....  So, we have a daughter and two grandsons willing to sell the property for the right price.

I'm just doing some simple legwork that nobody else is willing to do. Now I just need practical next steps to set this up in my favor. These people can't see past the next fix. 

I found a lead in which property owners are deceased. The grandson which also claims to be "adopted" by his deceased parents is now living behind the home in a vehicle. He clearly has a drug problem. The house has been condemned by the city because water has been turned off and the city will not turn it back on until he shows legal ownership. He has not started probate. Taxes are in the rears and he really has done nothing productive.

Are any of you familiar with "Affadavit Lack of Probate"? I've read in WA that it can be an effective way to transfer title without probate. He says there are stocks and bonds that he would be heir to. My understanding is traditional probate would be necessary to lay claim to these stocks. I however am not interested in any of that, only the property.

If what he is telling me is accurate and that he just doesn't have the financial resources or mental clarity to move forward, what is the best way to help him if he is willing to sell me the property? I've heard this Affadavit would be much less expensive and faster than an ancillary probate. Can an attorney draft up a contract that spells out he is obligated to sell the property to me at the agreed price when title becomes vested in his name?

It appears there are limited heirs and no creditors. Does anyone have experience with this sort of situation?

Thanks @Jay Hinrichs

Will be doing some digging :)

How's Summerlin? Do you work any deals in the area or is it just a nice place to live?

@Michael Ealy I don't like to compete for deals either :)  so much more work/stress! In my neck of the woods any property that hits the market with meat on the bone becomes a feeding frenzy which drives up a cost and kills the deal.

What would you recommend doing to establish relationships with brokers? I have rehabbed a couple homes and have a rental. Looking for properties to acquire. Direct mail? Networking tips?

@Jay Hinrichs would you say there is still solid opportunity at tax sales in OR and WA? If so, a good place to start?

@Michael Ealy that's an incredible deal with those 8 parcels! Congrats!!!!

You have some great strategies in place. What kind of time do you invest in land acquistion? Or do you just swoop in on a deal when you see one? Do you look for off-market land/properties or mainly focus on land auctions?

@Jay Hinrichs you are too rad!!! Love to read about your experiences..thanks for sharing. Please keep it up!

I get choked up thinking about the opportunity to be had in Atlanta then. That's A LOT of money left on the table!

Congratulations Jay on the 4 acres in CA! You held and timed perfectly...that was by no accident, assuredly. 

If anyone else is like me, people like Jay embody the American dream. I jumped in REI in early 2018 and feel so small around these "giants". He's been a Timber Barron and a whole lot of other things ;) It seems like there is not much he hasn't done over his many years. My plan is to keep sinking my teeth into growing and scaling so at some point I can bring some value to the table in Jay's eyes and do a deal with him.

It's truly amazing how many niches there are in real estate. I have not done any LAND deals yet, they seem VERY fun!

@Kevin Sobilo Thank you for breaking that down and clarifying

@Chad U. Great advice, I did exactly that!

@John Corey Really appreciate your comments, thank you.

@Patricia Steiner

For future information what do you specifically ask from a title company? Can they research (for a fee) a property to determine if they would and could offer insurance. Is it always a NO on quitclaim deed?

The occupied property is also very sketchy. I just want to make sure I can't jump over some/many hurdles and implement some proven strategies to capitilize of what is intended to be in sellers favor. I hear you out though.

Online auction states they will provide Quitclaim deed. Will a title company even issue title insurance? Would this property even be marketable in 6 months? Is there an efficient process or strategy to protect myself?

Which, if any, encumbrances or liens am I responsible for? JPMorgan Chase forclosure in amount of 160K, a subordinate mortgage of 35k, a couple liens in the amount of $1200 & $1800. Which am I resposible for? Which were wiped out in foreclosure?

Also, it is an occupied property. I would like to get them out ASAP, rehab, and put on MLS in 6 months? Is this possible? This is in Oregon. Can working with a good title company and attorney make this a potential deal? Or is this a recipe for disaster?