All Forum Posts by: Stacy Mellish

Such a great podcast, indeed. Tim Ferris is a rock star and I listen to his podcasts weekly and I truly value the information I hear each week on the BP podcasts... I was so excited to see two mega forces combine and it didn't disappoint. 

@Rick H.

Rick, thank you so much for your insight and feedback. You are absolutely correct, it is a steep learning curve but I do think it could prove to be a lucrative endeavor so will see if the daughter would be willing to probate if I offer my assistance. 

Hi BP, 

I have a question and hope someone can provide some further insight and possible suggestions. In researching my returned mail addresses from vacant houses, I found that the owner of one house is deceased and still owes two years worth of property taxes. The title is still in her name. I located the daughter (next of kin) and she wants nothing to do with the property. I also called down to the county probate office to see whether I could find the attorney or any other executors to the will, and they don't have a file or cause number under her name. The house is boarded up and in terrible shape. Any possible recommendations on a next step in trying to get this property?

@Michaela G. 

Thanks for the response! Yes, I would look to wholesale it. I have land comps being pulled by a realtor now and great suggestion on the two subdivision builders being the potential buyer. I'll do more research and find out who that is. 

Hi all, 

I have extremely motivated sellers looking to sell a large number of acres (170+) in a rapidly growing area right outside of Austin. They actually had the land under contract, but the buyer failed to show up to closing. The land was appraised for $5mill a few years ago. 

Just for a quick run down on what I'm walking into: there's water access, but no utilities. It's currently zoned as Ag-exempt and taxes are $5K. The thing is, in a perfect case scenario, the sellers would like to sell the land together and sell to someone who would be able to develop a subdivision here, but they are so strapped with medical bills and finances, they just want to get out.

The good: There are two major subdivisions that have been built (Santa Rita Ranch) very close to the land.

The bad: I haven't worked with this much land before

The ugly: (Please refer to the bad).

Any insight or recommendations as to approach and/or potential exit strategies would be greatly appreciated!

The property actually isn't owned free and clear. Their sales price includes the amount that's remaining along with extra for the downpayment on the new house and a few grand to move. The terminology she used when I met with her a few weeks ago was that she has the power of attorney, but she could have mistakenly used the term as well. I'll verify with her when we speak in the morning and I'll shoot you a PM with the information right now. 

@Account Closed : Yes, you're right. 

I asked her to double-check whether it was chapter 11 and it was actually a chapter 7 bankruptcy. I'm not very well-versed (actually, not versed at all) in bankruptcy and it's processes so I really appreciate the responses to this and do think that talking to the attorney is my next step, but the muddiness of trying to work through the credit and bankruptcy issues is going to make this one a property I'll have to cancel the contract on and periodically end up checking in with the owner. 

@Jason Crain and @Mary B. those are both great suggestions... I'm looking at numbers of the house they'd like to purchase as we speak. I think having the ability to do that would actually work out even better because then maybe I can also negotiate their current house at just a few thousand for moving over the small amount they still owe on the loan. Thanks for those suggestions. They don't currently have the option to owner finance through the current sellers on the new house.

@Lamar Cannon : The house is in Del Valle, right around the corner from the F1 race track

@Dion DePaoli It was a chapter 11 and the house is only in her husbands name, but she has the power of attorney and, you're absolutely right, talking directly with the attorney is the route I should take to avoid any other issues popping up. Thanks a ton.

Thanks for the response guys... Thomas, I'll see if that's an available option for her and if not, I'll place her on a back burner for a bit. Thanks again!

Hi all, this is the first time I've experienced this issue so am hoping that some of you guys may be able to provide some insight or an innovative strategy that can enable me to help the owner of this property out... 

I had a motivated seller contact me with a house in Austin that they don't have the money to fix. The house definitely needs some levelling work (about $3500) and updating (about $10K), but all in all for $62,500, it is a great investment so I put it under contract.

Now that the house is in escrow, a few problems have popped up. First off, one problem is she filed bankruptcy when her husband died and the process isn't going to be finalized until around January (when it comes to the current house, she has power of attorney so that is not the issue). The second issue is, she found a house she's wanting to and needing the ability to move into when this property closes, but was denied today so she's saying she has no other option but to stay in the current house despite the work needed. What, if any, are some of the options that I can send her way?

Any and all feedback is greatly appreciated! Thanks!