All Forum Posts by: Mike Flora

@Jarrod Frankum as stated above, find out if the property needs to go through probate. This is a hurdle but can be done if it still needs to go through probate. I have paid attorney fees for the heirs of the property and got the deal done. There are more risks involved with this but you can get it done. Hopefully property is in a trust. I have some good resources to find the heirs to this property and to see if it’s in a trust or not. I live in the IE so I can help you out if you want. Just message me your phone number if you want to talk about this. I have hired private investigators as well to find people. Gotten great deals off of it. Couple other things you can do as well. Anyways send me a message.

I just bought a SFR for 165K, 2 bed 2 bath 1000SQFT here in so cal. As it sits now it’s worth 220K and ARV 230-235K And I put zero dollars into it and already have first months rent and deposit for August 10th move in. Only put 10% down with private money and doing a no cash out refinance immediately. Putting this on a 15 year mortgage so pretty much only covers mortgage/taxes and insurance. IM SO SURE YOU ALL WOULD PASS UP THIS DEAL!!!!!!! Every deal is different so just cause no cash flow doesn’t mean to not take it. My options for this property will be looking pretty good in 5 years. Now if I solely relied on real estate for monthly income I probably would have put it on a 30 year mortgage but everyone’s circumstance and goals are different. EVERY PROPERTY IS DIFFERENT IN MANY WAYS WHEN YOU BREAK IT DOWN. SFR, multi units, apartments, heavy fixers and what your goal is and your current income etc etc.

@Rafael Campos ok, look up there law on back taxes as well and see how long they can go unpaid before the property goes to auction as well. The big thing here is a mess that needs to be cleaned up before you put any money into this thing. After 5 years in California, if you don’t pay your property taxes the house goes to auction.

@Rafael Campos these can get real tricky if no will and a lot of family members involved. Family can fight over real and personal property through the courts and probate can be expensive!! When did the owner die? The appraisal for the property will be at time of death and in California if the appraisal comes back at 150K or below then you can do a terms of succession which is much faster but your big problem here is no will and family members. I would not offer to pay attorney fees if multiple family members. Keep in touch with a family member and build a good relationship with them and once all figured out you can sign purchase agreement and purchase the property. Keep in mind there will be competition contacting the family members to purchase the property during the probate process as well.

Not too sure what happened, all previous discussions are gone from my history and whole new format with website from my iPhone. Anyone else dealing with this??

One place to look as well is the auction/courthouse steps in your area. See who is bidding, go speak to them and get their contact info if they are legit buyers. Have an agent look up the all cash purchases in your area as well and who bought it, track them down and contact them. Put your info on Craigslist that your looking for cash buyer on investment properties. Save my info as well, I’m mainly in riverside county area but will look at anything in so cal as well.

We use property radar for the lists and Tri Win for the mailing of our postcard. We send a decent amount so postcards are cheaper. I’m pretty sure Tri Win Cana help you with the design of the card as well or you can send a copy of how you want your card to look and they can make it look as close as possible. If you just want to hand write your letters or print them off, property radar will give you all the info on an excel sheet. You can select all the info you need to get the list you want on it. Not sure if lead source has all that too. Tri Win will put in the mailing address and in a different section will plug in the property address you want to buy in whatever area you want in your narrative. Then Tri Win will mail all the postcards out for you. So, create your card, get the list, send it to tri win and that’s it. All the rest will be done for you.

Deric Dotson I can’t find any really good wholesalers in the area. I think most are all dried up with how competitive it has gotten out here. At least in riverside county for me. Would love to find one!!!!!!! Hope you found one to add to your deal flow.

Deric Dotson buy and hold and fix and flip to be specific. SFR’s

Deric Dotson I am in Riverside county area.