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All Forum Posts by: Travis Conrad

Travis Conrad has started 3 posts and replied 4 times.

Post: Probate deal going wrong

Travis ConradPosted
  • New to Real Estate
  • Oklahoma
  • Posts 4
  • Votes 2

I did a lot of research to find a property that was vacant and 4 years behind on taxes. I located it and hired an attorney to get it out of probate, we assigned an executor to the estate and I was thinking all was good. Until I found out we had to submit a bid, and another guy submitted one as well. So I raised my bid and beat him by $2k. Well apparently there is some law that allows someone to bid again after the auction ended if they bid 10% more? Can someone tell me if people can really bid again after an auction?

Post: Financing a Multi-family with Line of Credit

Travis ConradPosted
  • New to Real Estate
  • Oklahoma
  • Posts 4
  • Votes 2

Thank you, I misunderstood some information. Thank you for clarification!

Post: Financing a Multi-family with Line of Credit

Travis ConradPosted
  • New to Real Estate
  • Oklahoma
  • Posts 4
  • Votes 2

I am curious to know if I can use a business line of credit to finance a 20% down payment for the purchase of a 4-plex that would be owner occupied? Then could I refinance the property to pay back my line of credit? I thought this was a great idea but know I'm seeing that if I don't pay for PMI I would be paying back the line of credit. Am I missing anything? Is there a benefit to what I thought was a good idea? Any help is appreciated!

Post: First Fix & Flip Deal

Travis ConradPosted
  • New to Real Estate
  • Oklahoma
  • Posts 4
  • Votes 2

If you're about to read this then you put your seatbelt on! Skip to paragraph 2 to avoid my ramble.

So I have been scared to make the leap into investing in real estate. It always was something I wanted to do but the huge mountain of information and know how kept me from moving forward. I got my real estate license and so far I've done 7 deals as a part time agent. 5 of those were last month. I didn't keep my pipeline open and now I have nothing to do. So I thought hey I should buy one and flip it so I can get some buyers.

Well, I came across a home in my neighborhood that I always wondered about because I assumed it was vacant. I sold a house down the street, so I looked into it. I found delinquent tax history since 2015! The homeowner passed away in 2015, and the husband passed away soon after, so it goes. According to the will the home was to be split between two churches. The home owners brother was the executor and contested the will and the house went into probate. The brother passed away before the probate process completed, so it goes. So this house has been in limbo for awhile. So with the help of attorney we have a plan to get an executor in place. The. Make the purchase. So far so good. Will update with more info later.