All Forum Posts by: Patrick Martinez

@Michael Galloway this is something I need to learn. Good luck.

I found a home that is FSBO. Comps show it is worth about $400K sellers will accept $330k, needs about $10k in repairs as it was a prior rental and some remodeling was in progress but the owner passed away. It is vacant and they are absentee owners and they do not want the house. Here is the kicker, the heirs want to do a lease with option to buy as they can't sell the house until it goes through probate. They also want 10% down for the option.

Questions; Is this a reasonable down payment request? Can they put it into a lease with option to buy if it is probate? Is it possible the probate could be dragged out if a relative or other party lays claim to part of the estate?

The plan was to tie up the proerty for 12-24 months(negotiable), finish repairs and rent for market rate(which would cover mtg paymnets) and create a small cash flow until the home comes out of probate. Than either purchase outright at the agreed upon price or sell to another investor. Ho wwould you write the offer?
I am a former realtor but a newbie with the investment side. Any help will be appreciated.

Congratulations James!

Thank you James! At this point I need to find deals for others so I will go the wholesale route.

Hello Kyle thanks for the greeting! Can I buy you a cup of coffee?

Hello Michael! Thanks for the welcome. Great website! I would like to come to your office and meet you.

Thank you Ben. I read your biography and WOW! Looking forward to reading more from you. Good to meet you.

Thank you Brandon I have read your posts and am very glad to meet you!

Hello BP community! I'm happy to be a member of such a diverse group of people. I was a licensed Realtor between 2002-2007. I want to get back in the game but as a deal finder for others or as an investor myself. So I wouldn't say I am an expert but not a complete newbie either. I guess you could call me an "inbetweener"? I work in San Jose and my former office there so I had clients between Stockton and San Jose. I hope to gain the knowledge necessary to move forward with real estate investing.