All Forum Posts by: Andrew Farmer

There are a few good ones. I went to a new one last week "Flipping Houston Houses Meetup group". That was pretty good, I believe the next one is June 9th.

Great, I'll get on that right now...thanks again! @Rich Baer

@Rich Baer

@Rick H.

Thank you so much for the feedback. I met with the gentleman yesterday who is the son of the deceased lady and he is indeed the executor. We came to a deal on the property and he signed the paperwork. He has two sisters that he called while I was there and they were both on board for the deal. Do I need to have the signature of his two sisters before I can take it to the title company? Also, since he's the executor, is he the only one who needs to be there when we close?

Thanks again!

I'm close to finalizing negotiations with an inherited property that's in an "estate of mothers name". The ones who inherited the property are the guy I am negotiating with and his sister. When I put the property under contract, on the seller line would it be "the estate of mothers name" or the brother and sister that inherited the property?

I haven't put an "estate of" property under contract yet so any information would be helpful!

Do you have an RMLO that you plan on using? I'm looking for recommendations from someone that has used one locally.

I'm definitely late to this conversation but I have the same request. I have found local (Houston) RMLO's but I was hoping to get some feedback from somebody that has used one to put together owner financed deals.

Thanks @Doug McLeod, I'm about to head that way and meet with the seller. I'll report back with an update once it's done

I got a call today from a potential seller. It is an inherited property that belonged to his mother. Him and his brother are the only 2 on the estate. I am meeting with him on Monday to check out the property. There is no mortgage but there are right at $10k in delinquent taxes and there is a suit filed. Here are some of the numbers that I pulled from MLS.

-Recent comps put the ARV at around $130k with low DOM (most comps are 1250sq/ft and this house is 1650sq/ft)

-Rental comps are $1250-$1350/mo

-Rehab cost ball park $25k (from what he described but I'll have a better idea when I get there, but for argument sake, let's say that rehab cost is correct.

It's a great rental neighborhood and it would be perfect to wholesale to a landlord investor.

My question has to do with the area. Do I still need to stick to the 70% rule, or does the fact that it's in Katy ISD mean that I could go a little higher with my offer?

For those who know the area better than I do, what would a reliable cash buyer be willing to pay for a deal like this?

Any feedback would be amazing!

Andrew

@Andrew Brannick   That's a great tip! I'm a little more passive when I door knock and don't let them know that I'm aware of their situation but it seems like something like that would definitely turn their guard off....I'll definitely try to use that

@Jarrod English

I started door knocking a few weeks ago. I knew that it was the most effective way of marketing but I would get anxious on my way to houses. After a few times of doing it I realized that it's so easy! I target home owners who have a tax suit or judgement but aren't at the foreclosure process yet. I don't let them know that I am aware of their tax issues. I am a little more passive.

I say, "Hi there, how are you today ma'am /sir? Don't worry I'm not here to sell anything, haha. I'm actually a real estate investor and me and my partner were looking to buy a property or two in the area within the next few weeks. So I was just going around to a few houses in the neighborhood to see if anybody knew of somebody with a property they were looking to sell". If they say no then I don't press it. I just hand them two business cards and tell them if they thought of somebody and they passed it along I would appreciate it. The main goal is to just get in front of potential motivated sellers and have a conversation with them. Building a little rapport goes a long way! I've tried knocking pre-foreclosures and letting them know that I'm aware of their issues with the mortgage company and that I'm here to help but in my short/personal experience, the home owners get a little defensive. So I'll just stick with the more passive approach for now.

@Claire Trammell thank you for that link. I haven't seen that one...it has some great information!