All Forum Posts by: Jonathan Frausto

Yes I am interested as well

@Brent Coombs we estimated the repairs at $15k. So AFTER the repairs we had solid comps at $120k with approx 30 days on market. So thats where this whole dilemma came in, if we bought at $81k, then our numbers won't work and this deal won't work. Not only that there was still $2585 worth of property taxes that still needed to be caught up but I really appreciate your thoughts. HUGE help guys

@Chris Piper once the buying price goes past $73k, our formula and numbers don't work. So it's sad to say but this deal might be a bust then. Appreciate your input!

@Wayne Brooks So ideally, I'm supposed to cover the mortgage with my offer? Also would the bank even transfer the deed if the mortgage was not full filled? Would it trigger the due on sale clause?

Hello BP community

I have a question that I'm hoping someone with more wholesaling experience can answer for me

I am in the middle of the negotiating stage of buying my first wholesale property. (I'm buying the property to wholesale to another investor) I talked to the seller and found out the property has a mortgage for approx. $81k. Based on the ARV of $120k I wanted to give an offer for $70k all cash.

If the seller chooses to sell to me for $70k, who has to pay to full fill the mortgage for the remaining $11k? And do I need a copy of the most recent financial statement for the mortgage?

Thank you in advance for your time

Jonathan

@Nathan Waters

sorry I posted without finishing. 

I go to willcountysoa.com and on the left had side I normally click "Property Search" 

You can search by parcel ID which can be found on zilliow or you can search by address but I sometimes have a hard time going that route because the spelling is crucial and it is case sensitive and you have to know the abbreviation for St, Ave, Rd, etc

Once the website finds the property, click "Treasury Tax Info" There you will find the owner of the property and will let you know also if they've been keeping up with property taxes. The down side to this is, sometimes the name and address are not updated frequently. You will find the owner and his address, but the address is the vacant property which clearly no one is living in. 

As odd as it might be, I've found a lot of luck just googling the owners name.

Hope this helps!

Jonathan

@Nathan Waters

Driving for dollars is always a fun thing to do in my opinion. I get excited when I see a vacant property. What I do is, I log on to willcountysoa.com

@Ned Carey

When I go to my county clerk or court house. Can I just walk in and say I'm an investor and would like a long list of properties with unpaid property taxes for the quarter? (or whatever time frame)

I'm trying to buy and flip houses before they hit MLS because housing prices are starting to go up.

Any advice on the matter or subject or just your opinion would be greatly appreciated.

Thank you for your time in advance

I'm not a beginner in real estate but I would like to dab my feet and pick experienced investor's brains on apartment complex development. It's a new side of real estate for me and I would enjoy to gain more knowledge about and I thought, "Why not Bigger Pockets?" I wanted to start out small by developing a 6 unit apartment complex starting from the ground up (meaning starting with just land). I have ideas on how to start but I'd rather find out from someone who's been there and done that. I'm not exactly how this works as this is my first post on BiggerPockets but any information regarding this subject would be helpful. Thank your time in advance Jonathan