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Updated about 5 years ago on . Most recent reply

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Arkady Hagopian
  • Los Angeles, CA
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Purchasing first investment property

Arkady Hagopian
  • Los Angeles, CA
Posted

Hello BP community. I've been monitoring these forums for years now and all your help and guidance, I found my first investment property. Any advice I can get on how to purchase it, I would greatly appreciate. Here is the background:

My neighbor, whom I loved very much, passed away recently. His son is going through the probate process to gain ownership of the house, which should be finalized soon. I saw a good opportunity to purchase this property and after a few days of negotiations, we've finally settled on a price. I'm in the process of getting approved for a loan on an investment property through my lender. Can you please give advice on how I can move forward with the process? I spoke with an escrow and title company, and they informed me that they need an executed contract and the probate paperwork to get started. I am not working with a real estate agent but I'm not opposed to working with one. Where would I find the contract? Anything I should watch out for? The loan company will need to do an appraisal, which shouldn't be an issue. I'm not going to do any formal inspections since the price is low-enough to justify the risk. I guess my questions:

Where would I find the agreement to purchase?

Any other forms I need?

Any other tips? Any red flags I should keep an eye out for? 

I would greatly appreciate any guidance on this. I'm excited but also very nervous. By the way, the property is in California. 

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