All Forum Posts by: Mike Hepburn

Hi

This would be a very complex undertaking for a newbie. How far from home? You are going to buy and hold? Do you have EMD? Money for good attorney. Many many things to consider. All of the above and more.

My best and favorite source to find professional services, has been right on LinkedIn. How many 100 million on there, I forget?. Everyone wants to be friendly and helpful (like here to) If there is a better resource on the net, no idea what it would be.

Hi Samuel

The estate may have a lot debts, medical bills etc. Asking price is over comps. You have to show them real comps. Ask if they have done a BPO?

For me, with experience If I could get it for 95K and flip to cash buyer for 105? I am ok with 10K.

You have to find out liens and condition and status of estate. Still in probate or not. Bunch more stuff to watch out for though. Like Russell says don't get bogged down. There is always the option of a joint venture with someone experienced. Hope that helps

Mike H

Hi Timothy

I have no regrets about the money I paid to Gurus. Some of them are very down to earth some not. Never paid over 1200 for home study and live seminar. Their coaching programs are outrageous, don't think I would ever do that. Turns out the best one was just 500.00, he was the last one, went to scholl for 10 years first before I found him.

Now I am a wanna be guru (not really)

Mike

Hi Robbie

I have a buyer in Columbus, OH who wants apt buildings. I have no idea how to handle something like flipping an apt building. What kind of a deposit they going to want? "Mr Apt owner, will you accept my $100.00 EMD as a token of my appreciation? oh that's also to keep me legal sir, till my guy gets here and bails me out! Just joking, not going down that road.

I do know how to flip houses though, including Probates. I have my eye on Chicago for probates.

Mike

This is a complex undertaking for a first deal. Please tread carefully

Mike

One reason Title Companies and Attorneys don't like assignments is there is not much for them to do and they can't charge to much. Had a big problem with this in Buffalo, NY. Ended up offering a bonus payment.

Contracts

Attorneys are used to looking at RE Board Contracts, anything else requires them to do some careful reading . There is a big contract supplier that guarantees it will be acceptable in every state. For a few extra dollars you get a sample filled out as a guideline. Not sure if I am allowed to put links here.

mike

Hi Shawn

I would be interested in looking at your market. Detroit is probably a Garden of Eden compared to Buffalo, NY. Worked that market for 2 years.

Good Luck

Mike

Hello Cassandra

The investors of Texas will love you, as Texas is a non-disclosure. It is impossible to get good comps, unless you have a Realtor at your side.

Good Luck

Mike

Very small market and likely local buyer only.

Mike