All Forum Posts by: Nik Smith

if you're interested in talking over the phone or skype, I have both listed in my information.

To start this off, I'm looking for a partner who does plenty of these deals, that can walk me through this deal. It's not even a deal yet, but I know the owners situation...

- It's a large commerical property that rents to many business' with current renters, etc.  

-Owned outright by siblings of owner who passed.

-Siblings are uninterested and want out.

-I think the only thing holding them back from selling would be that the elderly wife still lives off the rent flow.

Isn't this perfect for a potential subject to, or lease to? I know it depends on what the owners are looking for, but it would at least make a good wholesale.

Here's where I need help, I'd like to call her and find out more information, but not sure what questions to ask, etc. Being that this could potentially be a first deal, I would want to partner up with an expert who could walk me through the transaction and we could split the profit. I also know the property is of high worth, meaning a million plus, and the land itself might be of the most worth, so it could be attractive to commercial builders?

So for the very scattered thread, I obv. didn't take too much time on this, being I'm more excited and eager to find out more before they hire some type of broker, if they already haven't.

As of right now, if anyone is potentially interested in helping, could you walk me through the phone call with the owner? To get the real facts and see if and how a deal can be properly structured fitting the owners situation?

I appreciate the post Tom, I'm really asking what strategies I have as options. Once I figure out that I plan on doing everything needed to get the job done. I'm new to real estate not investing.

Thank you.

I"ll start off by letting you members know that I have no idea what I'm doing, I've just done reading in the past on this website and have looked at wholesaling.

I'm going to write out a scenario that I'm in, and I would be grateful if anyone could recommend some possible deals that could be done.

I have a friends dad who wants out of his house for whats owed on his mortgage, which according to zillow is market value. It has upgrades and may be worth more, so I'm willing to get a estimate from a friend/professional on the value.

The owner is in no rush to sell, and willing to sign a contract to wholesale or whatever it may be.

I'm wondering if what kind of deals can be done? Would I be able to assume the loan at little to no cost and rent the property out? What is that, a lease to?

...as you can tell I haven't done my research and may be asking for a lot from you guys, so I understand if not many would like to help. I'm also aware that much more information may be needed to get the answers I'm looking for, so if you need info I can get you it.

Thanks in advance,

-Nik

Thanks for the help guys! I'll definitely be calling my friend today to attempt to get a hold of the lady.

I was planning on asking her these questions that I pulled from somebody on another topic:

"1. How long have you owned it? (equity)
2. What kind of condition is the property in? (equity)
3. When do you want to close? (motivation)
4. How much do you need to get for it? (motivation)"

"You mentioned having her assign the contract to you. What contract? If she inherited the house from her brother, there would only be a contract in place if she had agreed to sell it to someone. Find out if he had a will. If he did, did it go through probate."

So I simply just ask her these questions?

Also Todd, the home is not located in a rural area, it's actually a very upscale neighborhood where you don't see many vacant homes whatsoever.

Hello all!
My name is Nik Smith and I’m a new poster to this website, but long time lurker. I feel it’s about time to take some action with my investing career! So I know of an extremely motivated out of state seller, who I know wouldn’t mind getting rid of the house for cheap. Her brother passed away in the home, and she’s the only family he’s got. Now the house isn’t in bad shape, it’s actually in very nice shape. My question to you guys is, what can I do in this deal? I’m unsure on much info about the property, but the sister would like NOTHING to do with the home. She even offered a neighbor the rolls royce in the garage for free! I think she would have no problem assigning the contract to me, given that I’d find a buyer and get this house out from under her. I’m unsure about what’s owed on the house and the details, just wondering if this sounds like a potential wholesale deal to you guys? I know the numbers really come into play, I’d go about contacting the woman, but I might be stepping on some toes in the process. But hey, if it’s a great deal in the makings, I can always go for it right? No shame in that. Maybe even a sub2 deal? Any advice on how to go about getting the information, or what deal would be appropriate to the structure of the situation would be great.

Thanks an advance guys, can’t tell you how much I enjoy reading this website, and how important this site is to me.

Thank you Eric for all the work you put into this post. Your help is very appreciated.

I'm still eagerly waiting for PT. 2!

I was wondering the same thing? Anybody?