All Forum Posts by: Margaret Webb

My son used a company in the Midwest that tied up properties and put out the info including repair costs to investors. The company sold the property to the investor, managed the rehab, found renters and then handed off to the investor. Are there any other such companies out there?

I am pursuing a wholesale property in WA state. It is currently occupied. I will meet with the wholesaler tomorrow to view the property. I know that there is an eviction moratorium in WA right now.

1. If a renter is there, how do I get them out? Wholesaler of course wants a quick closing of a week. There would not be time to go thru a standard eviction even if one could do that.

2. If it’s owner occupied, how do I assure that they are out at closing?

Thanks for your feedback.

My son has a personal property and two rentals. He just got an accepted offer on another rental. He has been told now that his DTI is too high. The rental is a great deal. He doesn't want to lose it. It pencils out nicely.

Solutions anyone? I am thinking find a partner? I can’t cuz I have a business relationship to him and his firm has rules against partnerships with clients.

What to do?

Hi all, I found a house on my jogging route that really interests me. It just went into pre foreclosure with an auction date in 3 months . The title is in the name of a husband and wife. The husband died in 2008 and the wife died in Feb of this year. I checked the county records and the mortgage was by Countrywide in 2007 and states "up to a maximum principal amount of US $472,000". From that verbiage, would this be a reverse mortgage or a HELOC? I am assuming that they went to the max.

I found the obit for the husband and he had 4 children who are now in their 50s.  I located one in a town about 50 miles from her.  I have called and emailed and she hasn't responded.  I am assuming that they have washed their hands of this property as its under water.  

This house totally fixed up would sell in the high $300s.  I calculate that it would need about $50k.  Its a small house but needs all but new enough that I probably wouldn't have to do all new electrical and plumbing.  It currently is in disrepair and obviously hasn't had maintenance work for at least 10 years.  

I need advice.  How do I proceed?  Should I contact a short sale specialist to see if I can get an offer in?  I would like to offer $250k.  What do you guys think?

Where do I find the lease agreement for Washington state on Bigger Pockets.  Somehow I am not finding it.

Auction.   But was a total fluke. 

YEAHHHH. I got another flip property today. # 36.   A real beater. Am looking forward to getting into it. Looks like it needs all but the math works. On paper should be good.  It is a foreclosure so the owner has 20 days to get out and I can start.  

My contractor is going on vacation and then can start.  I think it needs new roof, gutters, downspouts, electrical, plumbing, a lot of drywall, kitchen, 2 baths, trim, doors, flooring and paint.  And hopefully not a lot of other fixes pop up.  Its a cute 1914 cottage.  Did a similar last year so intend to use the same products to finish.  

I'm excited.  Got it at $168k.  Needs about $80k and padded on another $20k as in these old houses I've had incredible surprises and should go for about $400k.  This should work.  

I usually have to get 2 slabs on my flips (available here in 8-10 foot lengths).  With onsite cutting and labor, 4 inch back splash, cutting for sink and the plywood base, it comes to about $2000.  

Only company that I've found who will cover vacant properties is Foremost Insurance.  I get it thru a Farmer's agent.  

I generally use Home Depot's white Shaker.  Can get it in 30, 36, and 42 inch uppers which is great.  Just have my contractor install them.  For more upper end in my area (400K+) , I use a G. S. Building Supply in Seattle for nicer white Shaker.  Then have my contractor install them.  Can get the cabinets from either in a week or so if have to order sizes.  Home Depot has most standard sizes in stock.