OfflineMichelle and I just got home from checking on 2 houses. They were side by side and were both for sale. One had a For Rent sign so we are going to call and see what the deal is. The other is empty but looked nice, we'll need to get an appoinment to go check it out.
OK, before I ended this posting I decided to call the For Rent number and got the owner of the house. He told me it was for rent or for sale and then gave me the realtors name. He has been under contract with her for 6 months now, his contract should be over by now, right? He said he wasn't sure. He also mentioned that he has 2 other houses for sale, one on the same street, and that he needs to sell the 3 houses to settle an estate since his dad pass away. I did a search on his name and 10 properties come up under him. ALL 10 are delinquent on taxes! I just spoke to my realtor buddy and he says that more then likely his contract with his realtor is over and he said I should call him and ask him what he wants for all his properties. If he is not interested in all, then he said to talk to him and find out what he NEEDS and figure out the best deal on multiple houses. I am defnitely not ready for this, I have no buyers at all. My buddy says to lock up whatever I can and start putting them on craigslist and get the word out. ADVICE!! I am going to try to get in contact with a couple people I met at the REI meeting the other night and see what they think.
SEMPER FI
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Nice situation to be in.You have some options brother. ( I am former 18Bravo Army).Buy and hold, lease option, assign, wholesale. the choice is yours. Do your homework though. It doesn't appear that anyone is knocking this guys doors down to make deals. I would bet since he is back on taxes, they could be going up on tax sales sometime soon. On your next REI meeting, start asking questions and doing some leg work in case some of the seasoned investors want to deal. You got your work cut out for you leatherneck, but I am positive you will be successful. Keep me in the loop....Jan
If possible, please let us know which state or area these properties are located. Possibly we can send some buyers your way.
Hello Jack,
Good advice by Jan. Slow down and stick to the property he's showing you. Due Diligence right now. If they are going to a tax sale, then you would lose them all, as Tax liens whipe out all others. If he knows he's going to lose them, you might be able to get them cheap, but you'd have to pay off the tax debt.
Curious; what city are you in? How were you able to find out the owner owns so many properties?
Thanks,
Stephanie
Stephanie
Hey Jack,
Good to hear from you again! The contract isn't necessarily up after 6 months. They can agree to a longer time frame or they can extend the listing contract. You are talking about a listed property, right?
Anyway, as far as the bigger news, don't beat yourself up because an opportunity came before you had a buyers' list ready. But look at it from the opposite end. If you were an investor with wheelbarrows of cash (imagery) and you stumbled across some guy on Craigslist who had ten properties listed at a great value, what would you do? It's like winning a shoppping spree!
Are you looking to assign these properties? If that's your strategy, then you are not risky anything by getting them under contract with the proper protective contingencies at a good deal.
Vincent
"He who is mighty has done great things for me...He has...exalted those of humble estate; he has filled the hungry with good things..." Matt. 1:49-53
yes, all 10 have taxes owed but one thing we noticed here while we have been researching houses sold at tax auctions, they are usually 4+ years before they take them for auction. I'll be calling Success Academy in the morning to find out what they think as far as probing him for all the houses or just a deal on the three. Hoping to talk to the owner tomorrow also and have him check his contract with the realtor. I have a feeling this realtor hasn't done squat with them and is over the time limit, but we'll see. Hoping I can get him to show me them on Sat and then talk some numbers.
SEMPER FI
GET SOME!
We are in NC. You should be able to look up your county real estate taxes online. Whenever I have a property I am interested in, I look up that house in that county to find out purchase price and taxes and other info. Some counties have great records with pics and all kinds of easy to read info.
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Hey, I am in NC. Whenever I see a house I am interested in, I look it up on the tax records online and it gives the owners and info for the house. Then I did a search on his name and it showed that he owns more then one, which I already knew because he told me, but he only mentioned 2 others, not that he had 10. God has been blessing Michelle and I lately and I am hoping he continues. We actually bought a cruise planner franchise today and are already working on a couple cruises before we are offical. To us its all about giving back, 10% of our profits from the cruise planner business is going to Wounded Warriors and we are also going to concentrate on doing fundraisers for non profits. Working with the USO and Freedom is not Free now on cruises.
SEMPER FI
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Glad to read you are in the academy and call the coaches! They are definitely the go-to guys
Also - no matter what happens, you are gaining so much knowledge and experience by investigating the properties, talking to the owner, tax office etc....whether you close the deal or not you win! I'll look forward to following your story here!
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
I need to check on how they are listed. I don't think they are with a realtor, its a lady's name LLC, so I am thinking someone locked him in 6 months ago and just has them out on the net in a few spots. I will check more on that tomorrow. I plan on assigning them, and it sure would be sweet to have an investor thinking 10 houses for alot less then normal would be sweet! I have more info on whats going on tomorrow.
SEMPER FI
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I talked to the realtor and she gave me the same prices I already knew about, I told her I wanted the discount price if I buy all three. She emailed me with a total of $133,000, that was only $7000 off the total, I was thinking alot more of a discount. 2 of the 3 have renters and if 2 of the 3 are rented, that would pay for all 3, THAT I LIKE! I hope to go check them out soon.
SEMPER FI
GET SOME!
You are doing your work brother no doubt.The agent doesn't seem to be budging on the price, time for a little preasure I think.
I applaud your efforts for helping our wounded brothers coming home. Sad to say we never got this treatment when we came back from the NAM.
You are doing a great job to get these props locked up and I know you are making the right moves. Just stay the course and it is a win in the end. Keep me in the loop...Jan