All Forum Posts by: Victor Barboza

Hi,

So I am wondering what is the best funding for fix and flips or developments. Would bank financing be better than using hard money lenders? What are the pros and cons. Also, which have best interest rates? 

@Wayne Brooks so pretty much what she told me was, "we met with the lawyer and he told us to get her mom's death certificate so we went to her sister's house and she is already in the process of becoming executor of the estate. So, while Christina is entitled to her share, her sister will have control over who buys the house. We told her about you. We have to wait till after some posting in the news paper to before we can begin sale"

What would you suggest to do in this case? I am brand new to probate deals this is the first one I deal with. I can talk to the sister is what I told them and work something out that will benefit both of them. But as far as the process, would I just have to wait? Also, is there a way of finding out when the "posting" is? 

Thank you!

Hi, 

I am currently working on a probate deal. I got the lead by going door to door. Her mother passed away about 2-3 years ago, she left no will or anything. There are 3 sisters in total, 2 of them want absolutely nothing to do with the house and want to pawn it off the the sister who is currently living there (my lead). She is very motivated to sell and is willing to sell as soon as possible. However, this is the first time I deal with a probate lead. How can I get this deal closed? Looking to wholesale the property

Also, another local investor suggested I get all three of the sisters to sign the purchase and sale agreement, and said that would work, would that be a valid and legit way to make it work? She is meeting up with her probate attorney tomorrow to see where the entire process is at. But I would really like to get this under contract within the next week or so. 

Thank you! 

I am currently working on a wholesale deal right now. However, the house is in very bad conditions, and will most likely have to be rebuilt. It has a 10,000 sq. ft lot, the home itself is only about 800 sq. ft. But assuming you add some square footage, roughly to about 1200-1400 sq ft. what is your average new build cost for that size?

I have not worked with a property before that has to be a new build, this one however, I know does. I am in the Phoenix area, new builds in the area where the home is are selling for about 400-500K. Getting an average new build price will help me structure this deal, and see where I need to be at or get a better understanding. Thank you! 

I am trying to reach motivated sellers, cold calling takes a long time. Is it illegal to text the numbers? What I would be texting would be this: "Hi, my name is Victor. I'm a real estate investor in the area, and saw that a home you owned was in pre foreclosure. I am interested in buying the property and would love to speak to you about what I have to offer. Please contact me at your earliest convenience." . If I can do this it would definitely help me out, but obviously I would not want to get into any legal trouble. Thank you!

I have a lead that I've been working with. He reached back out to me this morning, but had questions. He was asking how exactly the "money transfer" works. I'm still fairly new to this, and this is my first actual deal by myself, where I don't JV it. So in simple terms how exactly does the closing escrow process work? And how long will the seller have to wait until they actually receive the money?

@Dylan Vargas @Sean Carroll

The trusses would also have to be replaced, there is a hole that extends all the way to the outside of the house. I haven't had to deal with that before, which is why I'm so concerned. How much would it be for the trusses?

I met up a motivated seller today. When he was in jail, several homeless people broke into the house and caught part of the roof on fire. The home is 1050 square feet. Only about half of the house's roof was caught on fire and made a hole of about 3 feet diameter around to the outside of the house. However, half of the roof does have fire damage. I will be getting a contractor. But, I wanted to get a little ahead and see what others thought. What do you estimate the cost would be to COMPLETELY repair the roof? 
Details: Built 1947, ARV 210K, 1050 Sqft.

I know it's best to get a contractor to get an exact estimate. But, what should be the highest I should be expecting to pay on this? And what could be just and average for such a repair? Thank you!

I put up tons of signs last night, just right now I got a call. It was a guy who works for the city (which they are closed today since its Saturday). He gave a warning, and said that its a violation if they are not taken down. Can they fine me on Monday if I leave them out, and pick them up tomorrow (Sunday)?

One of the main questions when starting is if you need a real estate license which you don't. I want to set up an LLC though. I did read that you might need a business license to give you the right to operate. Is this necessary for a real estate wholesale business? It would just be myself for the mean time, later on I would want to expand and hire people. Is there anything else that I would need to do? Besides the EIN, business bank account.