All Forum Posts by: Josh R.

What problems should I be looking for in a home that has had no utilities on for over two years?

This is a brick home that was built in 1955. I know our extreme temps in TX can wreak havoc. Any advice is appreciated.

Depending on the bank you could create an LLC and add them to the purchase contract.

Then sell your interest in the LLC to an end buyer and secure transactional funding.

Quit claim your rights to the property to the buyer of the LLC after both closings.

I have never done one of these, but I have read about them happening. I would consult a real estate attorney for any legal advice.

Ben Leybovich you know what they say, "those that can...DO and those that can't...TEACH"

Jennifer Lee I also cannot agree with you because like Ben said costs have become prohibitive due to the government subsidizing everyones education, living expenses, beer money, etc...

The best education you can get is from actually finding someone who does what you want to be doing and get on the job training.

For accounting, marketing, and other subjects you can get a basics class at the local community college for dirt cheap ($73 a semester here per class)

Tyler Bond I am by no means an expert but the most common wholesale strategy is to get a property under contract for a large enough discount so that you can turn around and assign that contract to an investor for a $5k-$10k fee. (This strategy is called "assigning" since you personally never close on the property)

The formula most wholesalers (assignors) use is

Max offer=After Repair Value (ARV) X 70% - repair costs - assignment fee.

Some other strategies to read up on are Sub 2 (subject 2), wraparound mortgages, and true wholesaling with a double close.

Good luck and keep reading and asking questions here on BP!

Thanks K. Marie Poe, Bill Gulley, and Rick Harmon.

I am in the process of trying to work out a deal with the executor. One daughter is currently living in the house and is interested in staying. Im not sure how I feel about that one.

What have been your experiences, if any, in allowing family members of the estate to remain as tenants?

So you think I would have to wait until probate closes to finalize this deal Bill Gulley?

Rick Harmon Thanks for the input.

Is there any difference between a purchase money note and a seller finance note? I have always been under the impression they are one in the same when dealing with a home that is free and clear.

I received a response from a yellow letter I sent to a probate lead this morning. The daughter says they want to sell the house and would consider financing the sale (the home is free and clear).

My question is when structuring an owner finance sale on a home in probate would we need to have an MLO involved to satisfy the SAFE Act or is this an exempt situation because it is the decedents immediate family?

Are there any mobile home dealers nearby? If so you might contact them to see if they would be interested in placing some of their homes in the park. This would benefit both you and the dealer as they could sell the home as a package already moved and installed in your park.

Congrats Brian Stone on that first call!

While this person may only be a tire kicker or some of your competition trying to find out about you, the experience of asking your questions and starting to develop a buyers list will pay dividends in the future.