All Forum Posts by: Jef A.

I have a property in atlanta that the owner has been deceased since 2016 and looks like no relatives. The house has 3 years of unpaid taxes and fines for unpaid rubbish. Nobody lives in the house currently. The home also has no mortgage on it currently. How do I approach finding the person responsible for this home to negotiate a sell?

@Jason N. great information. Thanks

@Braden C. I have heard of people cycling phone numbers monthly to avoid the reputation of "spam". I dont want to play those games though i want to find an effected way for lead generation that doesnt have the risk of being sued.

Is their a good resource for the best practices to protect myself from any legal issues relating to marketing. For example i am looking into cold calling, RVM, SMS, & postcards and i have seen/heard stories of people being sued using some of these methods. I am in the Atlanta, Georgia area and i am wondering who has experience with this market? Do i have to make sure i sign up for these online marketing sources using my LLC so if i am sued it wont be me personally it will be my LLC?

Any advice here would be valuable...

did you ever pick a RVM provider?

have you decided to do anything else marketing wise?

I would suggest finding whole sellers in your area to find a property. Next find a hard money lender to use to purchase the property and help pay for the repairs. The advantage of the hard money lender is they care more about the deal and if the numbers work. Use the hard money to do the repairs and use your 100k to help finish off the remaining repairs. Then refinance the property with traditional lender and rent it out. I would try to keep as much of my cash as possible in my pocket because that is your safety net. Leverage other peoples money instead

@Derek Dombeck @Deric Gwinn thank you both for this information. I will be sure to confirm with my HML how they handle this. I was just curious what the general standard was across the industry

I understand a hard money lender may want to review my credit history and score before lending money. However will the loan be associated with my personal credit profile or will the loan be strictly based on the house & deal? I do not mind a lender checking my credit....i have great credit (824 FICO Score) however i do not want a loan on my credit. Is this possible with Hard Money Lenders?

@Lianna Alcock this is great info. Thanks for the feedback

I have a few questions regarding the wholesale process.

1. when i get the property owner to sign the contract do i need to have a notary present to confirm the identity? Also if there is multiple names on the property deed do i have to get signature of all those people?

2. Once property is under contract if the cash buyer wants to visit property should i try to avoid buyer and seller meeting? i am thinking the cash buyer might try to negotiate with the seller directly and steal the deal from me. 

3. If i use $100 to start the escrow process after getting a signed contract if the deal doesn't close within the allotted time do i loose the $100?

I am interested in using private lending but a little reluctant because i am unsure of how i can protect myself using these services. The general idea of it that i have is if a property needs to much repair a traditional bank will not issue a loan for the property so i can use a private lender to buy the property and then rehab the property and then refinance the property with a traditional loan. Below are a couple questions i have regarding it. 

1. is their a pre-payment penalty with private money loans? If i ask for 12 months but want to refinance with traditional loan in 6 months is their a penalty for that?

2. Does the private money lender purchase the property and technically owns the property and then i do the repairs on the property? If that is the case what happens if they decide to keep the property after i do the repairs and not turn over ownership? What can i do to protect myself for this. 

3. Once i do try to re-finance if they own the property on paper do they set the price that the property will be? Can they do something shady like they purchase the property for 100K for me and i do the repairs. Then when i am ready to refinance they request 130K for the property. How do i protect myself from this?

4. My biggest concerns is about investing in a rehab for a property that i dont own and then them changing the terms at the last minute.