All Forum Posts by: Robert Keller

Thank you for the responses, @Bryan Blankenship and @Mike Flora.  I do have a few follow up questions.  This particular house is less than $150K, so how does that affect transfer of title once I find the next of kin?  And then I found there were 2 other properties that were under trusts, but these houses are also behind on the taxes and collecting liens.  What can you do for houses that are under trusts that are obviously not being taken care of?

Hello everyone,

      I'm just getting started with wholesaling homes.  My husband and I went "driving for dollars," and we identified several homes within a 2 block radius that we could start reaching out to their owners about selling.  While doing some research on these properties, I discovered that there were 3 houses that were listed under a person's name who is now deceased.  I haven't been able to dig really deep to see if there are any next of kin, but I'm assuming that's where I need to start.  I know that these properties continue to collect liens from the city for different infractions (needs cleaning, boards on windows, etc.).  I have a few questions.

1.  Where's the best place to find out if these properties should be passed on to next of kin?

2.  Since these properties continue to collect liens, do I contact the city to see if these liens can be waived or part of them waived if there is no next of kin?

3.  Who else should I be contacting to see if we can obtain these properties if there is no next of kin?  And if there is a next of kin, what questions should I be asking if we're still interested in obtaining these properties?

Like I said, I'm a newbie in this area and just need to know what cans of worms I could be opening up.

Thanks in advance for your advice and time!

Lauren

David Weintraub I’d be looking for someone in the area of Louisville and southern Indiana. I’ve had several lenders approach me here already. Like I said, we haven’t connected with the local REIAs, yet (plan to at the end of the month). I’ve attended a couple small Meetup groups and my wife has met up with a women’s investor group that just started. At this point, at least I think, the smart move would be to connect with someone local with experience that understands our goals. I’m sure I can find that right person at the REIA; however, I was more or less seeking some validation in my thinking and hoping to connect with people who do it through the BP forum.

Hello awesome BPers,

First, my wife and I have been spending time analyzing deals and are wanting to act. It makes sense to me to find a hard money lender in the area who has done the flips, holds, and so on who we can partner with. They have an even better grasp of the locale and the right deals to move on, contractors to use, etc. We haven't connected with the local REIA, yet. I just wanted to ask online if anybody know someone who does it in our area. And, for anyone who's done this, is my thinking correct? I feel it's a safer, smarter move to go with a local private lender.

Your thoughts are greatly appreciated.

Jorge Ruiz Wow. This information is critical. Thank you for reposting. I haven’t read or heard some of those things before and will DEFINITELY keep it in mind in the future. I have only looked at LLCs as asset protection at this point and didn’t fully understand I could use it that way. I can’t thank you enough for sharing.

Thanks Michael Noto Appreciate the tips.

@Matt K. what do you mean by beware? A bank as opposed to a private lender? Is a private or hard money lender not the best solution, if we lack the initial capital?

@Alexander Felice Mike McCarthy Thanks for weighing in. I've actually been approached by some lenders thru the BP forum.

Ah, any big bank will do a cash refi? Just spoke with PNC and they said only on our residence, not an investment property. I guess our mileage varies. That's why I was curious if we were saying/asking the wrong things.

Okay, I just looked at it. It looks you use delayed financing to pull out everything invested. Correct me if I'm wrong, but it looks like your loan is based on capital/closing costs, subject to appraisal; rather, refi would be based on LTV. Is that right?