Found 6 Possible properties....Now What?

Question

I drove a couple of neighborhoods and found 6 properties that looked distressed. I wrote down the address on each and searched the appraisal district for the owner info, some were "estate of xxxx" one owned by an LLC. I met an investor that buys in the area I'm looking in....In general I know what I need to do but I don't have a mentor so I'm looking for some insight on everything I need to do before I make and offer,

Robert Joiner · Answer

No I didn't tell the investor the addresses I told him I'll get back to him but he is a cash buyer so I need to get on the research.

Robert Joiner · Answer

@Ugochukwu Opara ok would the info from realtor be much different from going to realtor, zillow or truilia and getting finding listing and sale comps

Ibrahim Hughes · Answer

1. Hopefully you DIDN'T tell investor the addresses of the properties.
2. Check with your county for any liens and judgments against property.
3. Use step #2 to determine who the owner is.
4. Locate owner.
5. 'Convince' owner to sell after you've determined fmv and arv of property (many newbies mistakenly think that once you complete step 3, steps 4 and 5 are automatic) .
6. Have seller sign contract.
7. Run title report with understanding that whoever the buyer will be will reimburse you at closing.
8.  Bring investor (buyer) in via assignment of contract providing that you did NOT violate step 1 and he did NOT undercut you and take the deal as a result (you won't see step 6 if he did).
9. (The 3 C's - Close, Collect & Cash)) Close deal, collect check and cash it.

There's much more to it than that but this is a quick run down.

Ugochukwu Opara · Answer

Robert Joiner you need to get into these houses and see what conditions they are in. Also find a realtor to give you the comps fo each property so you know what they ARV will be. Let me know if you have any questions.