No Job, busy Mom bought 2nd Rental!

No Job, busy Mom bought 2nd Rental!

Flipper/Rehabber · Spring Hill, FL · Member since 2014 · 234 posts · 132 votes

Yup, you read that right. I am a bit late in writing this post by about 6 months but still wanted to share that I actually now have 2 rentals.

You can read about my first deal here: Full time JOB, Full time Single MOM.....and now Full time LANDLADY! this rental is going great!

My 2nd was a sub2 I found off a probate lead that I won, you can read about that here Won Probate leads no one responded but whatever.

I lost my job in June of 2015 and bought this house about 2 months later on sub2 terms. I sent a letter and included a business card with my picture on it. A nice lady who lived out of state called- her dad died and left her the house which she didn't want nor could afford. She wanted $50,000K for the house which currently had about a $43K and some change mortgage on it. I offered to give her $6,500 cash and take over the existing loan. She accepted! It was that easy. I used a lawyer and put the house in a land trust and bought the beneficial interest.

On to the #'s

PITI- $615

Rents- $850 (I was shooting for $900 but the renter agreed to fix anything that costs less than $100, so far this has been great for both of us)

The house would appraise at around $85K and before the dad passed he put a new 30 yr roof and new AC each less than 2 years old.

Repairs:

Cleaning lady- $300

Rebuild and rescreen the back porch- $650

Its been about 6 months and that house is doing great. I recently found a new job and a bf who we only get to see on the weekends, so still single mom,ing through the week. I'm a busy lady lol.

Currently working on deal #3!

9Reply
58 views

Most Popular Reply

Investor · TX · Member since 2015 · 62 posts · 23 votes
10y
Hello Amanda Young ! Congrats on your 2 investment s! It's so funny, because You and I are very similar, are stories are almost the same and my husband and I are working on our 3ed deal as well! I see you were a nurse as well :) same here! Well good luck to you and your future investments. Rhea
See this reply in the discussion

36 Replies

Jump to latestLatest
  • Flipper/Rehabber · Spring Hill, FL · Member since 2014 · 234 posts · 132 votes
    10y
    Originally posted by @Kevin Greene:

    Awesome job! Just curious, how did you find about the property to mail them?

    It was from a list of probates that I actually won at a REIA meeting :)

  • Flipper/Rehabber · Spring Hill, FL · Member since 2014 · 234 posts · 132 votes
    10y
    Originally posted by @Dmitriy Fomichenko:

    @Amanda Sutherlin

    That's an excellent strategy, and putting it in a land trust was smart. I liked that you maintain individual emergency funds for the properties. Good luck for the #3 one!

    Thank you so much :) I am closing deal #3 at the end of the month!!

  • Virginia Beach, VA · Member since 2016 · 50 posts · 14 votes
    10y
    Amanda Young Let me know if I'm understanding the process. You get a list of people in charge of estates in probate (executors, right?) and you direct mail them about buying the property? It's awesome that you won the list! I doubt I would be so lucky, so I assume these probate lists can be purchased? Thanks for sharing the knowledge!
  • Flipper/Rehabber · Spring Hill, FL · Member since 2014 · 234 posts · 132 votes
    10y
    Originally posted by @Kevin Greene:

    Amanda Young

    Let me know if I'm understanding the process. You get a list of people in charge of estates in probate (executors, right?) and you direct mail them about buying the property? It's awesome that you won the list! I doubt I would be so lucky, so I assume these probate lists can be purchased? Thanks for sharing the knowledge!

    Hi Kevin. The list sometimes has the executors, sometimes not. You will get the address of the home and sometimes a 2nd address. I send to both. I send a (very) short letter...and find I have a great response. I can get you the lady I use for the list as I believe she can send you a probate list for any location. It's a bit pricey, but worth it. This deal I've had less than a year and the current renter wants to buy it for 80K, I will do a 1031 exchange with the money. I'm VERY excited about that!!!

  • Professional · San Francisco, CA · Member since 2014 · 876 posts · 301 votes
    10y
    CONGRATULATIONS! That's a great story!
  • Investor · Hortonville, WI · Member since 2016 · 52 posts · 25 votes
    10y
    Good work lady! Our stories are similar I am just a few months behind. Offer accepted on my first place last week and I can't wait to get the ball rolling! I feel like being a single mom is less a hindrance than it is a huge motivator. I NEED to make sure we have some sort of passive income set up Incase something happens. Kids still need to eat!
  • Wholesaler · Austin, TX · Member since 2012 · 16 posts · 6 votes
    10y

    You do not need to purchase a list if you are willing to do some work on your own.   Probate records are available at your county court house or, better yet, may be available online.   You can get property address for the decedent and the names and addresses of the administrators.   Check you county court website or go down to the courthouse and talk to a clerk about how to do research on records.  

  • Financial Advisor · Glendora, CA · Member since 2015 · 209 posts · 94 votes
    10y

    I have the utmost respect for single moms and dads.  I have two kids and my wife and I struggle haha.  Great job on the 2nd property.

  • Rental Property Investor · Chicago, IL · Member since 2016 · 30 posts · 12 votes
    10y

    Thanks for sharing, Amanda!  You have a very inspiring story which helps folks like me believe we can do it too. 

    I did have a question though. Is the mortgage you are paying still in the deceased's name and your trust is on the deed?  If so, what happens if the bank finds out and calls in the mortgage?  Thanks. I have a lead on a similar situation but was hesitate to engage. 

  • Windsor, CT · Member since 2015 · 9 posts · 0 votes
    10y

    Hi Amanda Wow that is great!! I am proud of you. I am a single mom too. I have been trying probates but I am not sure if I am doing it right. Did you send letters to open or closed probates or both? I am trying but I will try harder.

  • Windsor, CT · Member since 2015 · 9 posts · 0 votes
    10y

    Good luck Amanda with your endeavors. Hope we can keep in touch.

Join the conversationCreate a free account to reply, vote on answers and follow this thread.