All Forum Posts by: Ellis San Jose

They won't qualify for any traditional financing because of lack of income.

A reverse mortgage may be available.

Tread carefully with solution #2.  Consult with an attorney who specializes in Elder law if that's the route they want to explore.

 That's what I used to do until I found out I did better with very small niche lists. I even wrote a blog about it in BP https://www.biggerpockets.com/member-blogs/1110/89356-6-figure-profits-by-shredding-your-direct-mail-list

Buying with seller financing

Consult a real estate attorney to advise you how to structure a purchase "subject to" the existing financing.

Get a real estate attorney to help you to draft and record an option to buy the property.

which ones have you tried? what has been your results?

Big win, acquired a great property with amazing seller financing terms. Small win, collected high percentage of rent for May.

1) Have your agent tag fixer in MLS search in your areas of interest. Connect with a trusted "Wholesaler" that works the unlisted properties in that area.

2) Rental market is typically strong due to lack of supply. However, COVID 19 policies may cause some market shifts. 

3) Making a turnkey a "good investment" is very subjective.  I would consider buying at as much of a discount as you can, in a good location ( not on a busy street, not near any "yeah buts" as MeetKevin would say, stable neighborhood, fixed long term financing

4) South of Blvd has always had higher desirability, but if you find a good value, there are many great neighborhoods north of the blvd.

5) I'm not a CPA, generally you pay taxes when you sell & if it's a primary residence there are large exclusions ($250k each individual owner) 

Do a title search to see how much debt& liens, if any, there are on the property. Then contact the owner & find out if they need help or want to sell.

It helps to know what state you are in because laws and procedures for both foreclosure & probate can be very different in each state.