All Forum Posts by: Nathaniel J Mott

Thanks for the tip @Daniel Goldberg !

If worse comes to worse you'll lose your earnest money. It's unfortunate but losing a little earnest money is better than buying a bad deal. If you provide more info about contingencies and the deal overall someone on here might be able to help, but it's impossible to know without more info. 

Just realize that backing out of the deal can hurt the seller too. That's more time the house has been tied up by being under contract. The longer it stays on market, the more likely it is they'll have to drop the price. 

Like Jonathan said it is contract dependent. Why do you want to back out? Do you have contingencies? 

If you have a well worded inspection contingency and you determined the rehab was going to cost more than expected that would probably be an easy-ish way to back out. Do you have a financing contingency and your lender didn't approve of the deal?

I hadn't come across NeighborScoop yet, that seems like a good value thanks for the tip! I haven't considered getting a VA yet but definitely something to think about in the future.

After much searching I found a free site. Figured I'd post it here to help others. https://www.familytreenow.com/

If anyone else knows of another I'd love to know.

I think with direct mail you can reach a broader audience and it is more efficient if you have a lot of capital. If you have limited funds it seems better to start with cold calling. 

I've been driving for dollars to generate leads. I have 75 potential properties right now but all of the skip tracing services I've come across require very large batches. Are there any that do 50-100 for a reasonable price? I saw American Tracers does $1.97 per search but I was hoping for about half that price. 

Hey Antoine I think I saw you in the TREIA meeting earlier today! I'm an aspiring investor from Raleigh. I'm also considering investing in the Fayetville market after I buy a house hack in Raleigh or Durham. 

I saw the same property you were looking at and I'd bump up the CapX and maintenance costs because it's from 1950. Also I know any property with 5+ units is considered a commercial property which will make getting financing from a bank different than residential.

It doesn't seem to be in a high crime area based on the crime map on realtor.com but I'm sure it'd help to have a realtor who knows the area. 

Thank you both! I'm looking for an off-market deal to brrr/house hack but posted this in the 'Wholesale" section because I thought it'd be a good idea to try to try to wholesale off any properties I find that may require too much rehab for me to be comfortable with. 

I’ve been biking for dollars and creating a spreadsheet of houses that look distressed. After I find potential hoses I go on the Wake County website to look up tax/deed info (I live in Raleigh NC).

Other than absentee owners, are there any indicators I should look for when determining if I should attempt to contact the owner?

For example, some people have owned homes since the 80’s so I thought they may be getting ready to sell in the not-too-distant future and have a ton of equity.

On the flip side, some homes look very distressed but have only been owned for a year or two by the current owner.

Some homes look distressed but are owned by LLC's. Should I avoid marketing to them for some reason or would it be worth pursuing?

I’m posting at work from my iPhone sorry for any formatting mistakes!