All Forum Posts by: Orest Omeliach

Thanks for the info guys! I also spoke with my attorney, and she doesn't think it will be an issue as long as I disclose this information on the listing.

My broker is also an investor and we actually both are working on this deal. The seller will not incur any costs since I will be covering all closing costs associated with the selling side. 

I am a real estate agent in Connecticut. I came across a wholesale deal and have a signed contract. The property is in almost move in condition. If I have permission from the owner of the property, can I list the property I have under contract on CTMLS, even though it is not technically mine? The owner does not care what I do with the property, as long as his mortgage is paid off.

Hey Meg, Try finding properties off the MLS by using sites like, listsource.com , yellowletters.com and others. I'm new to this game, but what I found is that most good deals are hidden, and you have to find them yourself. Do a direct mailing campaign to out of state landlords who have a good amount of equity ( 50% or greater ). Using these sources, it lets you pick the criteria your are looking for; e.g. How much equity, location, size, year built, and much more. Then you would have to contact the owners via direct mail, or if you do some research to find their telephone number, you can do cold calling as well. I found cold calling works better, but it's more time consuming. Hope this helps. Good luck!

I would send a letter directly to the property and explain that you noticed the property has been vacant for some time and you are interested in purchasing it. There's a chance the person paying the taxes picks up the mail. Maybe the estate is under the probate process.
Best of Luck,
Orest

I was incorrect. Sorry. Thank you @Bill Gulley for clearing that up

I believe the person/people that sign it, are the ones appointed to the will. Like the Executor/s in CT sign the contract. I'm not sure what they are called in Virginia.

So went to meet the sellers. House needs about 100K in renovations.. I guess my estimate was a little off haha. Offered them 35K. Good thing is that a house 10 properties down sold for 37K. It's a 3 fam house that needed a full gut. This one is a 1 fam and needs a full renovation as well, so my offer of 35K is pretty legit. Sent in my email last week to the sellers. Haven't got a response yet, but I will make a follow up call tomorrow. They really can't expect to get more than 45K for the house.

I'm not saying it's a good rule of thumb... just what I read on BP. I'm def open to opinions!

I have read many articles on Bigger Pockets that say to estimate rehab at 7-10$$a square foot