All Forum Posts by: Mark Bradford

So a quick story to give the history here. If you want the "LSS" or long story short skip to the bottom.

I have driven past a property for years (12) that was a rental (duplex) and about six years ago it came up empty. The yard was being mowed but that was it. My info in the community said it had been foreclosed on. I never saw a sale sign or paperwork on the windows....... Having numerous other projects on my plate I just kept driving by. Now that my projects are drying up I've deecided to look at this property closer. This is where I need BPer's help! See I started to find out it was still deeded to the same owener since I'lve known about it. So I do the leg work and found that taxes were not paid for years. Then they were paid for a few years and now not paid again. I was able to track down the deeded owner! He says "its still in my name! I surrendered that property years ago (6-7)". We watch the tax sales very close in this area and it has never been on it. Sheriff sales? He says he got paperwork a few years back that it was going up on sheriff sale. But then he got info that it was removed. This was a few years back! Now to the true question....

Skip here for the LSS.

How can I find the name of the lender and try to aquire this property straight from them?

I use the MLS as well. I try to buy a flip a year. So we are alittle slower. The problem I have with this is the no offer by an investor for 15 days on an REO. I am just getting to the point where I would like to start doing 2-3 a year. But I need to add new ways to get properties. Most houses in my market that are not repos will not support the 70% math. Then when we go to sell the appraisal seems to be hard to get higher then the one "next door" that has not been renovated but sold as an owner occupied. But with all that said the business makes money and we love doing rehabs!

Thanks guys. I was really hoping for one of those buying techniques I read about on here where I'm lost by sentence number two. LOL. So maybe that is why no past posts come up in the search. It just is what it is.

This rule has bite me a few times. Is there any way around this? Of course it needs to be a true up standing honest way. I have heard of people being dishonest to get around it. Im sorry if this was already talked about. I tried to search it with may different ways. I came up empty each time. Thanks in advance.

Great words Kevin. @ J Scott I am working on getting the info you are speaking of. This is very early stage and so I bet more info will come in the near future as I get it. Ill keep you all posted. Thanks so far.

Thanks Joe. Very helpful. I have never bought a business. I have read alot thru the years but reading and doing are far different.

@J Scott I'm with you on the "Brand" part of it. If I was to start my own it would be cheaper as a start up cost. But if this " Brand" is established and has a current profit then my ROI should be quicker overall. But if the "brand" needs rebuilt (which this one does not) why try to turn it around. I would just start my own. I never planned to be in real estate. Never even thought about a RE company. So what would be the perks or problems with owning one. Im not looking for the problems like drama from agents and.......daily business management. I talking about legal or $$ issues and perks.

Thanks @Joel Owens. I shouldnt have said passive in running it. Sorry for that. But the owner is not the active broker in this case. Two brokers run it for her and they would stay to the best of my knowledge right now. I agree with the building side of it. So that will lower the price for sure. Is it just not worth my time and legal risk is the big question. Im trying to learn as I go here mistakes will happen. And have in other areas LOL!

I didnt know where to put this. I did some searching on the forum and found nothing on this topic. So heres the question. Well with a small background first.

My wife and I own and run a small property management business. We manage our own units about six in total. We are always looking for was to gain passive income in many differant areas of investing. So now the real question

Local Real Estate Company might be for sale. How do we decide to buy our not?
Questions to my self are.
Why own one?
I'm not even a licensed realtor ? (but my long time realtor is and will run the business)
How do you decide a value?? Building is on a lease, agents are able to come and go ( no long term contracts with them).
Am I just buying a name? (Brand per say)
Is there overhead that im missing??? It seems as if it might just be little overhead, great managing broker and be a passive income.

Any info on this will be very helpful.

Come on in!!! Wecome.