All Forum Posts by: Jared K.

Several ways but here is a recent post I done a a unique approach! Some have used it but you would be surprised how many have not!! 

http://www.biggerpockets.com/forums/87/topics/1378...

Great Topic, glad you posted it!!! @Larry @Karen Margrave 

@Will F. Thanks, yes I would say there is less competition here but you never know. I actually own a used furniture, antique, and appliance store here and that's how I got started, yard sales etc. It has taken up a lot of my time buying/selling entire estates and parting it out over the last 4 years so I am going to sell the biz but I have gotten leads this way!! Keep trying!

I would see what he offers and see if it is satisfactory. Given the fact he is mentoring you, and I assume paying you to bird dog already, then the education is worth doing it for to build on the relationship. If your wife is doing this in spare time then its a bonus to be an asset to your mentor b/c he wont want to loose you when your in place so you have a lot to gain learning from him. I understand gas, time, etc isn't free and your mentor does too so I am sure he will try and compensate fairly for his time and expenses. I am also sure he realizes 5 days per week possibly is a job in itself and a decent responsibility. I know guys who have bidders that are attorneys and I am sure they aren't cheap but anyone could do it for them. I'm not sure about the auctions in your area but here they don't last that long, 1 hour at best. It would be hard to put a per hour # on this b/c you never know exactly how long they will last but I bet he offers to pay you like a contractor, by the day!! You should think of yourself as a contractor, not an employee. If he payed you $50 day he would save gas and his time but you would also reap rewards. I would guess he will offer you $100 per day for this responsibility. Let us know how it turns out!

Good position to be in, best of luck!!!

Good idea also @Jeff Rabinowitz . Lowering the rent would be lowering your standards to meet their needs. Your the boss, they play by your rules not the other way around!!

My applications are set up to screen each tenant's income capabilities etc so that if one vacates the other can afford to stay. Given your requirements of 3X rent as income I guess it would be difficult to answer b/c the people might have been together for several years and engaged to marry so should be good enough combined for the $1800 requirement but I suppose it would vary on a case by case also. I would find out as much as possible about the relationship situation during "chit chat" and make a judgement call from there.

Your mother will have to approve you (authorize your name) through the lender to inquire about the loans information b/c of confidentiality etc for starters. Once you do that you can get the loan information, payoff information etc. I agree with most of the previous comments about assumable loans being possible and being called due is a possibility. In most cases the bank doesnt care who writes the check as long as the loan gets paid but that doesnt mean your going to build any credit without your name gets added to the loan. If your mom decides she wants to walk away and is not worried about getting another house loan, keeping this loan in her name would be the case and you assume. If she wants to cash out and get another home loan later and you put the home in your name then that is a different scenario approach.

Please clarify.

@Account Closed Mailing a letter to the tax billing address (son) as you stated sounds like the correct path to take and a great way to start communicating with the owner. Thats what I believe would be the 1st step to take if you cant get them on the phone. 

Sounds like you have done a good job of making it marketable to me. If you cant agree on a price to purchase it from him to keep it for yourself then I see your difficulties. If it has been a partnership deal at least you didnt have to put all of your money up along the way so the buy out price could still be a little higher and the deal make sense. You know the property, rental history, cap, and the next deal you may not so sounds a little safer to pay more for the buy out but depends on the #'s I guess. It may not be a price you would buy at normally but your probably use to getting really good deals but if its still a good investment for someone else why not pick it up.

On the other hand it sounds like your offering it in an attractive way using some of the ideas you have offered. Another idea I have used is to offer to sell the property with a home warranty, insurance on the appliances and mechanics, paid for 1 year. It wouldn't be that costly and your buyer would feel a lot more comfortable knowing the mechanics etc are insured. Home Warranty of America is one place that offers these type of warranties. It covers anything from appliances, furnaces, garage doors, plumbing, electrical, door bells, and much more depending on the plan you choose. You just enter the buyers information in on the website (purchase it for them) when you sell the property to them and the plan will be for them as the new owners.

I hope you find this useful in your business :)

Well if the current owner is willing to help because he wants to sell that would be a huge help. If possible maybe the son could put you in touch with the probate attorney for clarification and maybe the attorney can follow up with the county to make sure it was recorded correctly. Either way the probate attorney would be the place to start. It may have been recorded properly but not showing on the tax site the same. I have ran into similar situations where the recorded deed on file at the courthouse was correct but the pva (property value administration) just changed the tax billing address. I have found that a lot of info on the pva records and tax records are far from correct. 

Hope this helps.

The time frame to purchase can be referred to as an inspection period, contingency period (upon financing, title work, home inspection, partners approval, etc etc etc), closing period or can be called some other terms I probably am not thinking of. 

When the buyer sells it to another buyer at a higher price it can be done a few ways but wholesaling, flipping and assigning the property to another buyer at a higher price and are the most common used terms.

Hope this helps.