South Los Angeles REI

[Guillermo Vladimir Robles]

I found a deal in South L.A. that looks like this: It's a probate deal where 2 multi family properties are bundled together next door to each other for $600,000. The properties are being sold as is with squatters living in there. You can't do a walk by or disturb the squatters to get a home inspection. It has also been on the market for a long time. I have ran some rough estimates of the ARV and it is $700,000 for just one of the units. My plan would be to use hard money to acquire and fix the property then refinance using a commercial bank loan. Any advice please help me by responding.

[Mark Pedroza]

@Guillermo Vladimir Robles

You'll need to identify who the PR (Personal Representative) is representing the estate. 

How far along in the administration process has the estate been in? 

Does the PR have Letters of Administration to sell the property?

Are there any liens on the property? (Judgment, Child and/or Spousal Support, Reverse Mortgage, I.R.S. etc..)

You don't want these popping up during your transaction. The squatters are probably heirs who may have a legal interest in the property but you can verify everything when you speak with the PR..