All Forum Posts by: Parker Sanburn

Hi again everyone! 

I've just recently began to implement the owner financing and Subject-to opportunities in my options when offering on deals, but would I be able to do this with pre-foreclosures? What I would like to do is find a list of people who are late on mortgage payments and plan on foreclosing their house or selling to make the payment and contact them and offer a 'subject-to' option to basically absorb their debt and rent out the place until a possible refinance in the future to buy more places. I think this could be a great thing because we could get magnificent properties for pennies on the dollar, all while the people get to keep their credit, and the banks gets their money. Win-Win-Win. 

Possible calculation of what I want to do: 

$100,000 property 

$90,000 left on note

$12,000 in delinquent payments 

We catch up the payments of $12,000 and then clean it up, put a tenant in, and start cash flowing the property. We get a $100k property for ~$12k, the people leaving keep their credit, and the bank gets their money. 

So my main questions are, is there a list containing people who are delinquent on mortgage payments (Public information?), and how do I et a hold of it? And if you've done something like this before, what has and hasn't worked for you? 

Thanks a lot! 

Hi everyone! I was wondering if any of you have ever attempted or thought about pursuing real estate opportunities by looking at obituaries and seeing if the deceased heirs would be willing to sell? This may sound kind of harsh but would it be a possibility? 

Also, would doing this be considered probate? I tried looking up the difference and didnt quite understand, so if any of you would be able to more concisely explain it to me I would appreciate it! 

Obviously I wouldn't contact these heirs like a week after a part of their family had passed but if someone loses a loved one and doesn't want to go through the whole process of selling their house, wouldn't we be providing a service to them in a way? Thanks! 

I greatly appreciate your input! 

My name is Parker Sanburn and I’m from Kokomo, IN and don’t currently control any assets because I just retired from professional baseball and going back to school! Pro baseball doesn’t pay well so I’m now looking to start growing my wealth and passive income as I continue onto medical school. The info and community on here has been fantastic already and I look forward to getting to know a lot of you and make some money!

Hi everyone! I am trying to get my foot in the door in real estate and may finally have my way of making my first move towards financial freedom, but I'm not entirely sure how I would benefit from it. 

My mentor/friend told me to search around and find some properties that we could look into purchasing together (his money because I have none right now haha) and he would buy it but I would pretty much only be brokering the deal I guess. 

So my questions is, How would I benefit from this besides the knowledge and experience? He's not taking advantage of me or anything and I know that experience and knowledge is worth more than any dollar amount right now, but would there be any way for me to benefit fiscally from this deal? Not trying to sound greedy or anything but I want to start to build my wealth. 

Thanks for your input in advance! 

Parker 

Very awesome! I read that triple net leases are one of the best to look to the long term-hands off deals, so maybe you look into doing that next? Keep the party rollin! 

Originally posted by @Ned Carey:

@Parker Sanburn you have already gotten good  comments. i will just pile on and add mine. 

Yes you can do this.

No it will not be  anywhere as easy as it may seem. 

There are hidden costs and risks you don't yet understand. Just make sure you learn what most of the landmines are before you jump in. 

When I first heard about tax liens, I was very excited. It seemed like a can't lose investment. I mentioned it to one of the first attorneys I worked with. He said "that game is full of sharks and you will get crushed - forget about it"  Well I figured why couldn't I learn to be a  shark? I took  the time to learn the laws regulations and the process as well as the risks.  It has worked out very well for  me. It can work for you too - but not if you go in blindly.  However I regularly see new people coming in, Large national players as well as small guys, and they get crushed.

 Thanks for your input! I know its never as easy as it seems so I always try and do way more than my due diligence in order to be as informed as possible when exploring a new viable venture. I appreciate the heads up and look forward to making a lot of money! 

@Denise Evans So do you think I should get the quick claim deed then directly sell it to a We Buy Houses For Cash? Or do you think I should get the quick claim deed, rehab it to an extent, then sell it? I would prefer to do the former rather than the latter haha Thanks again for giving me some insight! 

@Will Sifert So when you do this do you buy tax properties with the intention to rehab and sell? or Do you buy them to rehab and rent in order to creative an easy monthly passive income? Also, What do you think a worth-while home would cost at a general small-town tax sale? 

Originally posted by @Will Sifert:

 I have one house now that was gutted and inherited by kids who avoided every attempt I made to contact them. They simply walked away from the house because they couldn't afford the taxes. I spent about 6-8K on the back and current taxes plus up keep on the property so I didn't get code violations, I have it under contract for 40K.  You can still make money on the "ugly" ones that the owners don't want anymore. 

Also, (in my state not sure if it is the same everywhere) but after the redemption period expires and you go through the legal process to become the owner, all other liens (except federal) are removed as long as everyone was properly notified. I had a house with a loan and the owners where upside down and just left it. The bank never foreclosed, I notifed them and they didn't contest the tax sale, their lien was removed and I sold it free and clear. So where as the owner was upside down and couldn't do anything with the house, I was in a much better position since I could get the liens removed as a tax sale purchaser.

 That is awesome! So you purchased these properties from the county tax sale correct?? In alabama the state buys the VERY delinquent tax parcels and sells them super cheap, but if youre buying these properties at the tax auctions, what do you think the median bid for a house is and what is the competition like? 

thanks again! sorry for all the questions haha

Originally posted by @Lynn DeShazo:

You should contact @Denise Evans. She's a tax lien expert for our state of Alabama, and is often in the forums on BP. She can tell you if your perceptions are right or not. Good luck!

 Thank you Lynn! Ill see if I can connect with her at some point and learn something! I really appreciate it.