All Forum Posts by: Tyler Hubbs

@Scott Mac good news is I can back out on my side if I don’t like the current market. I don’t mind waiting, I also don’t think the market will drop that substantially before the probate gets completed.

I have some what of a legal question but want some colleagues advice! I have a property under contract with a 60 day closing. Here is the story, property owners son is a drug addict and has destroyed the property so I told her I could help her out! We agreed on a price and set a closing date 60 days out, 59 days go by and it ends up that she is in the hospital with pneumonia. I signed my closing docs Thursday and instructed the mobile notary to pick up flowers and take them to her hospital room when she is supposed to sign Friday(next day) BAD NEWS! She passes away Saturday without being able to sign her final docs!! I do have my contract recorded but I know it has to go through probate and I’m guessing the heirs won’t want to sell for my purchase price?! Do I have the right to enforce my contract?! I don’t have an issue letting it go but it would have been a $40+ profit deal.

@Stephan Kraus seller won’t budge on price or terms? Come up with another strategy and present it?! Give yourself an exit strategy!

@Stephan Kraus OMG good catch!! I accidentally went off memory for purchase price lol $263,000 was my purchase price on this one. The $276,000 purchase was 3785 Duneville which is still for sale!! I will fix now. haha great job man! I also include the purchase commission in my profit as I am licensed.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $276,000
Cash invested: $45,000
Sale price: $349,900

Purchased this probate property on the MLS for $276,000, spent $45,000 on the rehab, in escrow currently for $349,900! Rehab included demo of a few interior walls/kitchen soffit to open the property up, all new interior paint/flooring/base boards, exterior paint, roofing repair, AC unit, replaster of the pool, equipment maintenance, all new landscaping, full new kitchen, all new showers/valves/tile. WOW!! We closed the purchase on 11/28/18 and listed 1/11/19!!

How did you find this deal and how did you negotiate it?

MLS

How did you finance this deal?

Personal Capital

How did you add value to the deal?

FULL REHAB!!

Lessons learned? Challenges?

Pool equipment and package units are no joke!!