All Forum Posts by: Tricia O'Brien

I have a money partner and he has $900,000 left to invest and need to use in the next 15 days.

I am looking for several houses we can rehab and then rent to own.

I am willing to pay a wholesaler a $5,000 or $10,000 wholesale or assignment fee if you can bring me the following property:

ARV - between $150,000 to $250,000

Repairs - below $20,000

Acquisition  Price (including your wholesale fee): my formula for my maximum offer is 80% x ARV - repairs - $15,000

So for a $200,000 property (ARV) that needs $20,000 in repairs, I am willing to pay $125,000. That's higher than what rehabbers are willing to pay.

Property has to be in A or B areas of Chicagoland (Cook, Dupage, Will, Lake, Mchenry and Kendall counties)

Below is my definition of A or B areas:

If you have a property that does NOT fit the above criteria, I have 247 buyers asking me for properties every single day. We can co-wholesale your deals. You bring me the deal, I bring you the buyer. By the way, please fill up this calculator when sending me your deal. By doing this, I will know if you have a good wholesale deal or not and if it's a good wholesale deal to whom we can wholesale it to:

https://www.biggerpockets.com/files/user/Mister4closure/file/wholesale-calculator---is-it-a-good-deal

Email me your wholesale deal at [email protected].

Thanks and I look forward to working with you.

 Wayne,

Thanks for a great advice. It was a tax deed auction. I am aware of quiet title action. You are right about being out of state - it makes it harder. I got my first house through a tax deed auction as well and ithought it was a great deal, but later i found out that the house had a $70K lien from code violations! No wonder nobody bided on it! But i was able to reduce the fees significantly and converted into a great rental.

 Tricia,

i do all cash, but understand with this i have limited resources. I started looking into lenders who do financing for tax deed properties. Was not able to find anybody yet. It might also be because with tax deed purchase you don't get a clear title - you either have to go through quiet title action or through title certificate companies that just help you to obtain title insurance. If you happen to know some lenders that do this type of financing - I would appreciate if you share some referrals. 

 Hi Tricia,

It's a small world! I got my first house in winter haven, that's why I want to get something close by so it's easier to manage. I have one criteria for regular purchasing and a little different for tax deeds

 On tax deeds i am just trying to get what's available for a reasonable price based on funds available as well. 

Congrats on your first lien. Liens are very interesting as well. Great option to get good return and in some cases you will be the first one to get a preperty if it goes on sale.

Hi Everybody,

looking to get an advice. I got a house through an auction in Haines CIty, Florida (1117 Avenue H, Haines City, FL 33844) for $10K. It's a small 800 sq ft house but looks solid and it's made of masonry. 

But it turns out to be in a "questionable area" (my realtor did not even feel comfortable getting out of the car to take some pictures).

Original goal was to get it, rehab and rent it out, but I am not quite sure if i want to deal with rental properties in "war zones" - probably will be hard to rent, maintain etc.

But maybe if renting does not work out - is it possible to flip it? wholesale?

Would really like to get advice if it's worth dealing with and if people know exact area - would appreciate your thoughts about area. 

Any advice/feedback is appreciated. 

Thanks.

@Tricia O'Brien if in three years you actually obtain ownership of the land, then you will have to evict the owner of the mobile home not the tenant of the mobile home. MH are personal property in Colorado, like a car. They are taxed separately from the land as well. The process is similar to a regular eviction but with longer time lines. Once you own the land then you have to give notice to vacate. If the owner doesn't move the MH then you file for eviction. I'm not sure what happens with the MH if they don't move it. Be aware the law recognizes the it takes longer than 30 days to move a MH so the eviction time is longer. You can review the state statues and get a better idea of the time line, after all you have 3 years to figure it out if the owner doesn't redeem before then.

Wouldn't the lot be owned by the Mobile Home Park and not the Mobile Home Owner? Generally the Mobile Home Owner pays 'RENT' To the Mobile Home Park?  

I'm gonna move to Colorado if a 5000 square foot lot is valued at $180K.  Are you sure this  scenario is correct?

You can have the mobile home owner move "if" the owner does not have an affixed mobile home.  If it is affixed or if it goes with the lot then they may be the property owners of the delinquent taxes on the lot also.  You can find this out by talking to the Treasurer or it may be noted in the county records.  If the property owner is not the tenant of the mobile home then you could have the tenants evicted or give them a quit the premises notification.  When you do the foreclosure after the redemption period of three years is up, then you will be able to collect rent from them or sell some of the land to them, etc.

I agree with Dev and am looking into supporting events as well. I think the mailing is a thing of the past. I think that unless youve got a stellar proposition your gonna be mailing to a bunch of people that have already got mailed too and now how do you win them? I believe that video is the best thing to be working on right now, which is what i will be doing this morning. I agree with an online presence. Get your google business and all of the social media sites tracking. My next thousand in marketing is going towards video, a crm tool and gas and phone bills to visit people that want to sell. My ideal image would be for mte to call a propsepct, them to express any interest and for me to say let me send you a link to more information. In the link have a video of me and coworkers working together to solve whatever issue they have and show them how we go about doing the transaction, although try really really hard to implement something that sticks. Something that pulls emotion into it and is likely to be shared, like my group sold over 10,000,000 dollars of homes in 2015. Thats awesome but is that something that others want to hear. I dont know and im still brainstorming. Ive spent over $1000 in direct mail in the last two months with nothing to show for it. I think the only direct mail i will be doing is to please customers, that we are circle farming around their home, and to touch past clients to keep us top of mind and tip of tongue.