All Forum Posts by: Kelly P.

Any thoughts on where to buy a property for rental purposes that has a pool? Aside from additional maintenance, are there other concerns? Does insurance go up dramatically?

I have read how many investors who subscribe to the buy and hold philosophy believe you should buy a property at no more than 85% of value. I wanted to get the BP input on this topic. I have an opportunity to buy such a property - move in ready and good cash flow.

Here are the particulars: $90k value, $77,000 purchase price (20% down, $66k finance), rents $1,100/month.

Are there times where you pay a little more than 85% because of good cash flow?

Arcinio - don't waste your money on a home study course. You can learn everything you need to know on BP and the Internet.

Antonio - my first deal was from a Craiglist ad. Seller wanted $27k and I got it under contract for $17,500. Sold it within 24 hours for $33k. Later found out that my buyer sold it the same day of closing for $48k!

Welcome Nick. Connect with me and perhaps we can exchange information.

I started my wholesaling biz in June 2012 and marketed to absentee owners and probates. From the first mailing I closed a deal where I netted $37,000 profit (I know - beginner's luck). Exactly one month later I closed on a SFR and $13,000. Since that time I have made approximately 8 offers but no deals. Things dried up from November through early January but calls are beginning to come more frequently now.

Hopefully 2013 will be better!

Grant Kemp The clarification made by Steve Babiak is what I was referring to. I do not believe a PR or member of decedent's family would want to finance the sale of the estate property.

I would love to hear input from anyone who has actually faced this situation.

Grant Kemp I can see how this strategy would be effective if the property was owned by a family member outright; however, standing in the shoes of the PR in this case, where the property is within the estaet, I don't see an advantage to the estate. Perhaps its my ignorance and lack of experience dealing with probates and wraps, but what does the estate get out of financing a property for 20-30 years?

Grant Kemp Thanks for the great explanation of wrap mortgages. The only issue I see is having to play the $1289.58/mo (plus insurance/taxes) until I find a buyer.

I do not know if a family member was left the property in the decedent's will but I do know it is still in probate.

Grant Kemp I am not experienced with wrap deals. I have only done straight wholesale deals.

In probate, what advantage is there to do a sub2 for the estate? The PR could simply allow the propert to go into foreclosure.