All Forum Posts by: Daryl Davis

Dad died intestate in 2014. As his sole heir, I was appointed administrator of his estate.

Dad had a mortgage on his house. He was a Korean War vet and was using VA loans to cash out equity. There was not enough money in the estate to pay off the mortgage.

I found a buyer for the property, which was in distressed condition. The buyer offered ~$7k below the outstanding loan balance. The bank gave us the runaround for 7 months, at which point (2016) the buyer walked out in disgust. I filed a release of interest in the property. Probate closed a few months later in 2016.

In 2018, someone—I assume the bank—rehabbed the property. The bank released their interest in 2018.

The bank just filed a quiet title suit. They’re asking the court to void and expunge the estate’s release of interest and to quiet title, i.e., to make me legal owner. It seems no one wants this property at any price. I live a couple of thousand miles away, in another state, so moving in is out of the question.

Has anyone had a similar experience? If so, how did it work out for you? I’m not looking for legal advice (I’ve already reached out to attorneys) hence I’ve omitted mention of jurisdiction.

Hello, BP!

I've been learning to work the calculators for a couple of weeks, just picking random properties from my area. I'm posting this one, because I am seriously interested: I viewed it yesterday. This is a first-run analysis of this property: my numbers may be off, and some are purely speculative.

Based on current numbers, it's not a good deal. House and lot need a lot of work. Foundation is solid, termite damage isn't too bad. It needs a new roof, so maybe take advantage of incentives and go solar at the same time? The one-car, detached garage--to my eye, a carriage house--may extend across the property line. 

I don't yet know the seller's motivation, so I can't speak to the possibilities for owner financing. This may make more sense for a contractor. Historic preservation is not an issue, so it could be completely demolished and modernized. The house is near the university, so would make a good college rental. There's also corporate development taking place that would increase housing demand.

I'd love to hear your thoughts and suggestions. If nothing else, I hope you enjoy the analysis. I'll post updates if anything changes.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Welcome to you both, @Cedrick McKinney. I'm a transplanted Midwesterner myself (Chicago) and also a newbie investor.

I decided to take Brandon Turner's 90-Day Challenge: having a deadline is a good way to break the procrastination and "analysis paralysis" cycles. I'm a couple of weeks into it, practicing with the BP deal calculators and catching up on podcasts. Yesterday, I met with a Realtor. Today, I got an 800 number through eVoice and posted an ad on Craigslist. I'm viewing a property from Realtor.com tomorrow: I'm taking my notepad, tape measure, and camera (I'm also a photographer) to document anything that seems to warrant noting, measuring, or photographing. By the end of this week I'll be ready to order my direct mail list, which is where I plan to direct the bulk of my marketing efforts. I'll work on developing and refining systems (Podio, virtual assistants, etc.) as lead generation ramps up.

Stay in touch. Let us know how and what you're doing. I wish you and your lovely fiance health, wealth, and happiness!

@Steffany Boldrini Welcome! 

I'm a newbie myself, taking up Brandon on his 90-Day Challenge.

Awesome tale, Justin! Congratulations, and thank you!!

Hi BP,

A friend is looking for a contractor for a bath and kitchen renovation in Paicenes, California.

It's a mountain property, about 10 minutes down a dirt road from the main road. That seems to turn a lot of contractors off. Any help is appreciated.

Thanks,

Daryl

Welcome, Erin!

@Rob B. You may PM me with your requirements, as well. I'll pass them on to a couple of Realtor friends, and keep my own eyes and ears open. 

Welcome! hope to meet you sometime.

Hello everyone,

I'm Daryl, from San Jose. 

Ironically, I've been developing my interest in real estate because I'm having a lousy experience right now. I own no properties at present, but I'm Administrator of my late father's estate in Chicago. I've been trying to liquidate two properties for the past year. One presently is going through the short sale process; the other, also short, I can't sell for $30K. I'm learning a lot about what makes a bad investment, but at least my own money isn't at stake. I figure now it's time to figure out how to make some money in real estate.

I'm employed full-time. I'm married, with twin daughters in junior high school. The girls are honor students and accomplished musicians: I spend a lot of my free time volunterring with the girls' school and with the Alum Rock Jazz Program (http://www.alumrockjazz.com). Most of my hobbies, except computer tinkering and photography, have fallen by the wayside, but I enjoy hiking and camping, and recreational shooting. I'm deciding on an investing strategy now, and looking forward to some local meetups. Cheers, DD