All Forum Posts by: Stephen Watkins

Doing a bit more research I feel more comfortable now.  I'll have my title agent write up a special warranty deed for the seller and I and a quit-claim deed for my buyer and myself.

I understand what I need to do to quiet title.  The previous owners are both deceased and there are no heirs apparent.  The property was bought at tax sale and been issued a collector's deed.  I put the lot under contract at a price I would be OK with sitting on for a year or two, because that's how long it could take for quieting title plus redemption period.  I know have a neighbor that has contacted me that wants it for a price higher than what I am paying for it.  My question is, since I won't be getting title insurance from the title company I would close with since the property is clouded can I just have the seller quit-claim it to me for price A and then I quit-claim it to my buyer for price B?  The end buyer would then go through the process of quieting title which they are aware of needing to be done.

Basically, can I buy and sell this lot with title still being clouded?  If so would quit-claiming it work or should I use another option?

I have a lot I am in the process of buying that has some title issues.  As I've been working on closing the deal I've now been approached by a neighbor that would like to buy the lot from me and they know of the title issues.  I've sent an email to my title agent asking this same question but I'd figure I'd ask here as well.  Since I would not be able to get title insurance due to having to file to quiet title would I be able to have the current owner quit-claim to me and then I quit-claim to the neighbor?  I can picture this working but at the same time don't want to do anything illegal or get myself in trouble down the road with something coming back on me.

Welcome to the site!  Nice to see another person on here from Joplin.

Flip or rehab and hold opportunity

824 Picher
Joplin, MO 64801
1088 SQFT
3 Bed 1 Bath
Detached Garage and Carport

Price - $11,500

ARV - $54,900
Conservatively priced, this is an up and coming neighborhood with homes going for $55-65/SQFT.

Rehab - $27,000
Basically a gut job on the inside could be a great 3/1 rental or with a slight floorplan adjustment a 2/1 starter home with large bedrooms and a large jack and jill bathroom. The siding could be salvaged but vinyl is preferred in this area. The windows could also be salvaged but they are all single pane. The roof is in good condition with 10+ years left in it with the exception of 2 square that would need some patch work. The electrical and plumbing are both up-to-date and in good condition. It has a woodburning stove and wall heaters plus window unit.

This is a property I purchased but now have too many irons in the fire and need to sell to progress on other projects.

@Matt Inman I'm looking in my local area. I'm looking in the Joplin metro area at the current time.

I am looking for lenders or individuals that would lend on properties in Missouri. My number one issue I've had with finding lenders is that my all in on the majority of properties is under $50k.

Depending on the deal I am willing to pay up to 4-5 points and interest in the 13-16% range.

So am I reading this wrong or something? If you're wholesaling it wouldn't your buyer's funding wipe out the original loan? Now if you have to hold it for a time before you have it lined up to be sold to your buyer then I guess that's a different story if you don't have the cash funds to purchase it.

It could be done but it definitely isn't going to be easy. You're definitely going to have to be creative.

I'm in the same boat I'm usually all in at 50k and no one wants to mess with that or less.