All Forum Posts by: Matt Owen

 Sanjeev, I'd love to have a shot at those 2 off market deals you find each week. 

Private money or creative financing are probably going to be your best bet. That or maybe a house hack situation to get into a duplex or something. Another option would be finding a partner with cash. Where are you finding the properties? If you have a good deal, money will follow. I know I am having trouble finding deals right now so if you brought me a killer one we could likely work out some terms.

Good work on tracking down the deal! This is the reason you get paid to be an investor, you have to solve problems. Wish I had some assistance for you but I've never dealt with that before. Interested to hear what others have to say about it. I'm also located in Bakersfield and always looking to get together with like minded investors. Good luck with the hunt!

Hey Jorge Ruiz I've been looking for properties in Bakersfield for a while. I've had trouble finding something that can refi and pull all your cash out. I've got one going now and I'm always trying to market. I'd be happy to chat more. I'm interested in partnering or if I find something that's not right for me I can gladly send it your way.

Chris Reid Joshua Martin I just finished getting my real estate license and am planning to proceed similarly to what you have both mentioned. I'm pretty new to the direct mail game. I'm interested in pursuing probates as well but I am in California so I have some more research to do to try and figure out where to get my leads and how to navigate the process here. If either of you are willing I'd love to see if there is anything I can help you all with in exchange for some mentorship on how to source and pursue leads. I don't currently have any marketing material. Thanks, Matt

Dave Van Horn Bob Malecki Josh Koett I'm in the same boat as Selina Banda. I'd love to see some of the resources you previously mentioned in this post. I'm working on saving up enough in my IRA to invest through a SDIRA. Just investigating this space but I have a reasonable amount of cash to invest within the next 6mo so I'm trying to educate myself. Thanks for the help.

Braxton Miller it's a duplex in oildale. Looking to flip it as it's a JV with another investor. Should be signing papers this week!

Braxton Miller there are two meetups every month in Bako. You can find the FIBI meeting on meetup.com and there is a BP meetup you can find details on here. I started lurking January and am just getting into my first deal this week. Let me know if here is anything I can do to help you get started. Teddy Smith if you've been here you know exactly what he's taking about haha. Not as bad a "cowlinga" though!

Thank you for the responses @Mark Pedroza and @Michelle Fenn. The realtor mentioned the lien in second position would entertain a shortsale. So I suppose it depends on the balance of each individual lien to see what we could work out. How do I get this information? Mark you say this is all in the file at the Courthouse, so I'll ask the realtor for the case number and I can go by on Friday to try and get as much information as possible. Any other way to get the case number? I haven't spoken with the descendants directly. Only dealt with the realtor.

I need some help understanding the lienholders alternatives so I can better negotiate. If the primary lien holder goes through with foreclosure sale then the house will go to auction. they may get what is owed on it at auction or they may not correct? at that point they can sell the house at a loss or they take possession of the house and it becomes an REO right? Also, second position will likely get nothing following the sale at foreclosure right?

I just want to make sure I understand the proceedings correctly as It seems like there is room to negotiate with each lienholder to come to a beneficial agreement.

If I'm able to obtain the information from the courthouse can I contact these creditors directly and start working on a solution?

As far as the estate is concerned this house is underwater so they will likely not receive anything from the sale of the property regardless of outcome. is there anything I need to do to work with the descendants to make sure they are happy with the deal? If they aren't getting anything financially either way I wouldn't expect them to objet in any way and If I can get it for a good deal I could give them something in return.

Thanks for all the help everyone! Trying to get my mind wrapped around how this works and I'm learning a lot! keep it coming!

Thanks,

Matt

I just got on Kern Counties website and I have to have the case number to look up any details. I tried googling the address and "probate" and other terms but nothing came up. I was able to look up the owners name but when I searched it in the database I didn't find anything. the most recent case with a person of that name was 2010.

I didn't see a ton of information as to the purchase of a probate property on the CA.gov website. most of it was tailored to someone filing a case who is going through probate. I could have missed it and I'll do more looking but I appreciate the shove in the right direction!