All Forum Posts by: Nick Saucier

Just an update

Well, I already have 2 buyers interested in it and will be doing showings very soon, both are interested in it at $23k so a potential 9k profit on my first flip!

Just a quick question, how much does it cost to get a home through probate?

I think I finally have a winner after turning down the first 3 leads that came my way due to bad inspections and inability to agree to a low enough price with sellers.

This one is a house that still has to go through probate. Seller and her children received the home when her ex-husband passed away and she has power of attorney for her son.

804 sqr ft. built in 1942 on a 0.2 acre lot. Tax records indicate an appraised value of $41k. Lot is valued at $12k and improvements valued at $29k. Inspection turned up rather well, exterior is in ugly condition but interior was in much better shape than the exterior indicated. I estimate ~$25k in repairs to get this house to move-in ready. I got it under contract for $14k. Based on ARV comps in the area, it should be in the $70k to $80k range after repairs.

What price point should I market this home at to my buyer's list without being too greedy and leaving enough meat on the bones for my investors for repeat business?

The more research I'm doing into probate, the more I'm feeling like I need to just back off of this deal. As much as it looks like it could be a real winner, I just don't want to have to deal with the probate side of it. Does anyone have any experience or advice in dealing with a property that hasn't yet gone through probate?

I have a lady who called me from one of my bandit signs who's ex-husband passed away without a will and now her children have a home that has to go through probate. They want to see what they can get out of the home as quickly as possible, so I go and take a look at the home and inspect the inside and outside/foundation thoroughly and didn't come up with any major structural damage, just a ton of cosmetic work to be done.

A little 804 sqr ft home with an as-is value of 41k needing about 40k in repairs before its ready to market. The only problem is it still hasn't gone through probate, do I have to wait for the property to go through probate before I can swoop in on it? Also, if I don't have to wait for it to go through probate, how long does probate generally take?

I read a little bit on the crimes committed against real estate agents while on the job and I'm curious if anyone has had any sticky situations or ever been really uncomfortable and uneasy.

Its odd that a white collar job is one of the more high-risk professions.
Can an agent legally carry a concealed gun?

Also do you think most attacks are carried out against women? or is it pretty indiscriminate?

I have recently registered with a RETI school in Biloxi, MS to get my required 60 hours and to prepare to take the test for my RE license here in Mississippi. I would like to get my license to get into a realty company and get my knowledge up by working as an agent.

My question is, as an agent, what could I learn on the job that would help my investing career? Will it make it easier to network with other professionals in the area working as an agent? is the transition from complete newbie to successful investing made easier being licensed and working as an agent? Any advice is greatly appreciated.

Ann Bellamy Thank you for the advice, I am definitely not trying to stay in only Ocean Springs, I plan on making contacts and doing business all along the Gulf Coast and even in mobile county. I will definitely get into contact with my local reia club

Another bit of information from my research in my area:

9 out of 10 actual investors that I find from doing research down at the land records office from comps that I get from realtors are small time people who invest in real estate part time and are ONLY employing buy and hold strategies.

Which is all fine and well, but who I would really like to build relationships with are cash buyers or hard money buyers who invest full-time and do fix-and-flip deals regularly.

I'm just starting out trying to wholesale and build up enough capital to "graduate" to bigger and better types of real estate such as rehabbing and eventually commercial, but the more I dig and network, the more I realize that I am in a really really small market.

I am having an extremely difficult time finding serious cash buyers in my neck of the woods in South Mississippi. I call realtors and ask them if I could have comps on handyman specials and cash sales that have sold in the last 6 months, and I either get "we don't keep records of that, but I can get you a list of just homes that have sold in the last 6 months" or "Sure, whats a good email?" and then I'll get just a generic list of homes that sold(mostly at retail price to retail buyers).

Either the cash buyers in this area are very jaded and secretive, or there aren't any.

Has anybody done this before? Do I get a contract to protect my referral fee?