All Forum Posts by: Jesse Andrews

Thank you for the insight.

I was under the assumption that probate would clear this up, but apparently I'm wrong. I'll keep this post updated with my progress. 

Hello- I am under contract with 5 siblings selling their parents house. The parents are deceased, and the house has gone through probate. I am also under contract with a cash buyer. Upon running a title report, a private mortgage was never released. The note holder is the deceased grandparents of the seller. The good news (I think) is that the same attorney worked with the grandparents, parents, and this probate. What now? I've never been in this situation. Can anyone offer advice or some insight as to what needs to be done? Sorry for any typos! I'm on my phone waiting for a flight. Thank you!

Hey Lenny-

I agree with Josh and Anthony- the MLS is tricky... by the time something gets listed, a dozen people have probably passed on it already, and as far as REO's, well there are many people scouring them daily. I am in agreement that finding motivated sellers is the way to go.

Definitely check out the REIA meetings. I can't speak for the Black Diamond (Though I've heard great things), but the RI REI Group is awesome and isn't "selly" it all. No worries that you're going to have to buy something.

Good luck!

hi Daniel-

I would assume there is a lot going on in western mass, you just don't see it. There are TONS of multi families in Springfield, and the outlying areas (Chicopee, long meadow, Hadley) offer good resale values. As long as there is a need for housing, there will be deals. Just dig a little deeper.

Is there a local ReIA? That's a good start.

Hi Tim- I'd absolutely come to the meeting this thursday, and take anthony up on his offer for coffee! He's well versed and knows what's going on in the area. Hope to see you soon.

Hey everybody-
A motivated seller contacted me a while ago regarding an inherited property in Providence, RI. Her mother lived there for years and has since passed. The first floor is vacant, 2nd and 3rd have tenants. The 2nd floor and 3rd floor tenants are non paying, and the elderly landlord has not filed any deliquency notices. The 2nd floor tenant has filed a complaint with the city saying the landlord "intimidated" her for rent money. The tenant is also claiming the unit had lead paint.

It gets better

The house has daily fines accruing for code violations: Retaining wall needs repair, and needs to be scraped and painted to make the fines go away. The homeowner is in housing court and has an attorney.

3 family houses in the area that needed total rehabs have recently sold for 50-55k (cash buyers) and this house is in slightly better condition. This house is going to need 30k repairs

I'm not sure how to proceed. I know I can get the house under contract for 10k under what the other cash sales were.

Am I grasping at straws, or is this not even a good deal? This doesn't typically fit a rehab and sell, more of a landlord type of acquisition.

What's the best situation? get it under contract, start the evictions, and then assign the contract or double close it? Or would it be best to just tie it up and let the end buyer fix it?

My concern is to start the evictions and not have an end buyer.

Thanks for your feedback!

Jesse

Hey Keith-

Welcome to BP. I'm in northern RI, and starting to know the state pretty well. Feel free to message me to connect or ask any questions.

Best!

Jesse

Hi Ben- Welcome to BP! You should also check out the RIREIA meetings in Warwick. Next one is 2/20. Feel free to contact me with any questions. Jesse

So happy to see a Red Sox post here! Shaun Reilly - what a game to see! My wife and I were jumping around our house in Rhode Island... I can only imagine Fenway!

hi Isaac-

Welcome to BP. I'm wholesaling in the state, so if you'd like, PM me and we can discuss what you'd like to do.

Also, check out the RI REI group at www.rireig.com.

Next meeting is Thursday 10/17 in Warwick.

Good luck and talk to you soon.

Jesse