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Updated almost 8 years ago on . Most recent reply

User Stats

89
Posts
42
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Rylan Kean
  • Realtor
  • Clarksville, TN
42
Votes |
89
Posts

Found the unicorn, but can't close it.

Rylan Kean
  • Realtor
  • Clarksville, TN
Posted

Yes, I am brand new to the real estate game! That being said, I have been networking, talking, reading, and analyzing deals like crazy and I found a "unicorn" just down the road in Nashville. Now I need some advice/help, here is the story... 

My connection is threw a lady I work with who owns 4 duplexes and a house in Nashville from an estate will. These units have been vacant for several years and are in desperate need of saving with a high potential rent (comparatively to the Clarksville market). I have done my scouting and working with a Nashville mentor, these properties offer a unbelievable opportunity. 

After talking with the lady, she is in desperate need to get rid of these. They are eating her up financially and she wants them gone, but here is the kicker. Her sister who is joint on the estate will not respond to her for the past 2 years. In fact she had an offer of $400k that her sister would not even talk to her about, much less anything else. So, me being new I saw this as an opportunity. I worked out the potential of seller financing, etc. and basically we landed on if I can get the sister to sign or some other way to allow her to sell we can make a deal. Boom, easy enough! Some of you are laughing at me now because you have been down this road several times, that is why I am here... 

Fast forward, I have knocked on the door and been turned away. Called and ignored. She is a total stick in the mud to say the least. The lady I am working with has been advised by her lawyer that the only thing she can do is sell at the courthouse and split it up or her sister has to sign. Seems terrible, because in the meantime she is being bled by property taxes and threat of the properties being condemned. 

What are my options? I am sending a letter to her with some pictures of the property to try and jostle her emotions in a positive way to say we can help, but that is probably futile as well. Is there any other tricks, tips, lawyer paths that come to mind? I want to help this lady out and create a win-win, but this one seems more and more like I need to move along. 

Most Popular Reply

Account Closed
  • Investor
  • Scottsdale, AZ
885
Votes |
1,164
Posts
Account Closed
  • Investor
  • Scottsdale, AZ
Replied

@Rylan Kean The lady you know takes out a substantial loan from you backed by a mortgage. You record the deed and take payments for a couple of months. She then stops making payments. You foreclose on the property. Do everything through escrow with an attorney.

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