All Forum Posts by: Sean Phillips

@Account Closed How do you go about reviewing the receipt for taxes??  

This is for the people that excel at Probates.  Here is my current dilemma.  I have found a property that the listed owner died in 2011.  The Property is currently condemned, has code enforcement on it and Taxes for this year (2016) havent been paid.   Some one is paying taxes, from 2011-2015.  There was foreclosure action against the house but the bank vacated the foreclosure.  In fact in the letter to vacate the bank charged off the loan.  I have looked in the court records for Estate/Probate information and I am not seeing anything for the this person.  I did note that there was another person "of interest" in the Foreclosure and have just mailed a letter to them to discuss.  

My Questions are the following:

1.  What am I missing?  What should I be looking for and how?

2. If a person has a will does the will still need to be processed in Probate court?

I have 2 other cases much like this.  Where the estate address is the property address and the taxes are being paid.  Just trying to find a contact to discuss.

Thanks

@Nat C. I think you need to look at the costs that have increased over time.  Items like Taxes and Insurance have increased.  I would add these increases as THE INCREASE to the rent.  Also think like this.  Inflation eats at your dollars as well.  $720 now doesn't buy what $720 back then did.  

@Carlos Rodrigues this is where you need to be creative. Screw the bank. Have you looked at partnering with someone local to the area? Have you gone to local REI meetups? Why is this deal SO GREAT? What are the numbers? Have you created a presentation that shows the numbers and the ROI figures? Have those numbers been vetted by someone in the game? Whether you take the presentation to a partner/investor or the bank that at least shows them that you are on top of the deal. Also you seem so intent on getting in to the investment. What is your out? If someone was to invest with you how do you intend to cash them out of the deal?

@Michelle Mayer the grass is greener syndrome.  You live there and I am sure others will tell you the same.  Since you are starting out like myself to invest where you are.  Right now you are looking to jump in and aren't all newbie's.  However the other part of renting is managing.  How are you going to deal with tenant calls, problems and when you have to evict?  Michelle have a plan and then work the plan.  If money for down payment is an issue then you have to be creative.  Find a way to get into the deal with what you have or less.  

Having 3 kids I know that they really dont need there own room until later. I would hold off on getting the larger property and continue to maximize what you have. Your expenses are going to change as well. You are on BP as an investor so think about your situation as an investor would. Could you take out a second mortgage on the NH house to help you roll into the new one? You have the equity. I would still look at going onto something smaller. Think of it like this. The house you go into can then pay for the new ones education. Doesn't need to be half a million. Have you looked at FHA loan? And would it be an ideal rental later on? I would also look at renting the house you are in now. Oh and make sure to look at 1031 exchange if you still sell it.

All I would really like you input about any software platforms for tracking properties from picture to owner contact to deal offer to reject/contract to close.

I am looking to focus efforts and would like to know if anything exists today that looks at that.  Also would like to be able to build marketing letters and track those as well.

Thanks in advance!!

@Kebron Girma Have you talked directly to the Owners.  How are you making your offers?  Thru the agent?

So it sounds like you can or have the funding.  All Cash or would you finance?  how far off on the offers from the asking price are you?  Also where are the Owners on the taxes?  Have they paid?  Are there any Liens?  I find that I get great response when I find information like that.  

Hope all goes well!!

@Marquese Mitchell you should probably look into attending a local REI meeting. Grab all the business cards you can and start building your network.

@Kebron Girma you can do those things driving and finding the worst of the best on your own.  Then you need to do your due diligence on the properties.  Do you know how to do that?  The biggest thing that I am finding difficult is contacting the owners.  I am in Orlando and I have come across 2 properties in which the contact information isnt in the US.  So the steps are something like this.

1. find the property.

2. contact the owner of record.

3. make offer - counter offer.

4. Depending on what your strategy is and the funding you have will determine what you do: wholesale, fix/flip, BRRRR.

Good luck