All Forum Posts by: Michael Nwabueze

@Michael Nwabueze Typically properties that are owned by an REI LLC are not worth pursuing unless you know that the LLC is in financial distress(IRS , bankruptcy, delinquent on Hard money loans etc) otherwise they are probably not motivated to sell. Especially not to a wholesaler.

@Michael Nwabueze LLC's show that the owner is an investor and has skin in the game. For the creative financing side of my business, I prefer to deal with LLC's. It shows sophistication and even if the property isn't for sale, chances are they have other properties they'd be willing to part with. Tired landlords have strong motivation 😉

Hello Michael! What that means is that are they are trying to limit their liability. A good and experienced Attorney likes for all investments have a LLC separately so the others can't be reached if the problem allegedly occurred at one place nor you personally. That could be a sign of danger because the Owner thinks his personal and other business wealth is protected from losing any money.

Good luck to you!

Hey Michael - Congrats on getting that contract! Does the RE Attorney you are working with have access to the MSL, where you can get direct info about the title owner and their insurance/tax payment history. If so, tap into that resource! If not the MLS, you can sign up for a free trial with a lead generation software like Realeflow, where you can get similar info (absentee owners, tax liens, etc.) Here's another BP thread with good suggestions for skip-tracing to find out who to talk to about buying this property:

 https://www.biggerpockets.com/forums/93/topics/154848-best-skip-trace-service

Once you know who to make an offer to, calculate the deal using the trusted formula:

ARV x .70 - Repairs - Assignment Fee = MAO

You're all set to chat with the property owner from here! If the property is bank owned, however, here's another BP thread with great next steps:

https://www.biggerpockets.com/forums/41/topics/213014-bank-owned-properties?page=1#p1422448

Hope this helps!

Start with a hand written letter stating you would love to buy their house and to give you a call, short and simple and if/when they call, try to get an in-person appointment to take a look at the property and discuss how you can help their unique situation. Just make sure you are dealing directly with the owner/decision maker.