All Forum Posts by: Mike Clancy

Welcome Anthony!  You are on the right track with BP.  Try to learn as much as you can with this great FREE resource.  A lot of experienced people here to help you.

Thanks Charlie!

I really appreciate your feedback and encouragement....I also drive for dollars and know that is a super way to get started and find deals.  I'm hoping with my budget which we will sustain for at least the next 6 months - we will hopefully reap dividends with some deals...

Mike 

Thanks Mark!

Thanks Brian, I appreciate your contribution and input.

Thank you Ryland.  Excellent information regarding our local market and knowing the situations to avoid here in the state of Washington!  

Great feedback Eric - thank you for responding and I appreciate you reaching out seeing as you are in a very similar place as we are...Let's stay in touch - I'll let you know how our campaign goes.

Hey Curt!

Thank you for your thorough response.  

I will chew on all the info you provided and look at Kent Clothier again. Also, I will research the areas you have pointed me too.

I really appreciate it!

Mike  

Hello!

My wife and I are just about to send out our first DM campaign. We are going to rehab SFR's outside of the Seattle area and need your feedback.

Our budget for DM for right now is $2,000/month and our goal is to find a property under $100K for our first flip (very doable outside of the Seattle area). 

Does this criteria for our DM list sound good to you?:

70% or higher equity; 2/1 or more (even 2/1's are selling like crazy in our local market); Under $100K mortgage balance; Built between yrs.1900 thru 2000; Absentee Owner: Last recorded transfer of ownership yrs. 1900 thru 2000.

$2,000 is a lot for us right now for advertising so we want to ensure we are mailing to the correct audience of motivated sellers.

What do you think?  Any feedback is welcome and appreciated!

Mike 

I am analyzing a duplex near Seattle where the owners are in Bankruptcy Chapter 11 for multiple properties over $1.6 million in back taxes....Of course I will consult an attorney - but before I do I wanted feedback on whether to pursue any further.

The asking price is way too high for it to make sense (which is part of why it's been on the market for over 135 days, so I would only offer a number that made sense). However, if I could get this property for a low amount, it might be worth the headache of going through the court system.

I know I have a lot of due diligence ahead of me, but wondered about people's successful experiences buying property from owners in bankruptcy....

Any advice is welcome! Thanks!

I am analyzing a duplex near Seattle where the owners are in Bankruptcy (not sure if chapter 7 or 13?) for multiple properties over $1.6 million in back taxes....Of course I will consult an attorney - but before I do I wanted feedback on whether to pursue any further.  

The asking price is way too high for it to make sense (which is part of why it's been on the market for over 135 days, so I would only offer a number that made sense).  However, if I could get this property for a low amount, it might be worth the headache of going through the court system.

I know I have a lot of due diligence ahead of me, but wondered about people's successful experiences buying property from owners in bankruptcy....

Any advice is welcome!  Thanks!