Wholesaler · Nashville, TN · Member since 2015 · 44 posts · 3 votes
I found a property that seems to be an awesome deal, but I think it's abandoned; it's in an area that I visit a lot and I haven't seen anybody enter or leave the property in months. I even knocked on the door for about 10 minutes on a whim, hoping to confirm our disprove my thoughts.
@Rick H. I've been following up on the property for about 2 months now and can't get in contact with the Executor of the Estate, only the owner's grandson. The owner is elderly and sick and his sister has the Power of Attorney. I feel that she would sell, but I haven't been able to get her number to get in contact with her (the grandson doesn't have it and doesn't live in-state). How do I proceed?
@Chase Gochnauer The house is a definite tear down, and there are recent sales for new builds that make it a good deal. From the records on the assessor's site, all the taxes seem to be up to date. There may be codes liens.
Use findtheseller. com if you are only doing one deal. if you plan on doing multiple skip traces I will sign up for beenverified.com. These services will help you to locate owners and relatives of owners.
@DaVon Brooks You can always shoot me the address and ill find 'em! lol Check with the court clerk. If there's an actual executor appointed to manage the estate, it's been filed with the court.
If you are certain that the opportunity has merit (in other words, at least 50% now, as-is).
Then, you must decide how much you are willing to risk pursuing this potentially valuable opportunity.
In order to do this intelligently, you must understand the numbers. After all, you are in the business of solving problems profitably.
If this property is owned by a deceased person, you need to confirm that an open probate has enpowerred a PR (executor or administrator) to be responsible for the asset, debt and equity of the heirs or beneficiaries.
The contact information for the PR is typically of public record in the case file AT THE COURTHOUSE. I suggest you don't waste time attempting to contact the attorney. I can assure you that you have a 99.5% chance of being considered an unwelcome pest by the attorney and their staff.
Now comes the "risk money" part. Are you willing to spend real money to skip trace your target? You'd better be sure it's the right target first!
Would you risk $10? $25? Or $100? To have a skip tracer locate and get direct contact info for your target?
I used to routinely spend an average of $1,000 per (well-qualified) opportunity knowing that only 20% (one out of five) would convert to a deal.
My logic: If it cost $5,000 to convert and close one very profitable deal ($1,000 X 5) and I made $100,000 per deal net/net profit, I would do this all day long.
And I did! I performed this play many times over which is why I can afford to live as well as I do.
Plan your work and work your plan but don't plan the results!
@Account Closed as the deal stands I wouldn't want to spend more than $100 to track down the owner and/or his POA.
It is particularly frustrating seeing a deal with cash to be made falling to the way-side. However, that means I need to work on my lead pipeline (already happening). Thanks for all of the input guys!