All Forum Posts by: Chris Bounds

@Josef Torkelsen CKR did their job well but were too expensive for my property. I don't have any other MF PM recommendations. I plan on building out my Personal PM company to control the management more for future smaller MF. 

About Property

3 bed / 1 bath with 1050sqft. Will make an excellent buy & hold!  NEW roof and NEW HVAC.

About Repairs

Not much needed for a rental. Install very basic flooring and fix shower tiles. Seller's disclosure available.

Miscellaneous

DO NOT disturb tenants. Drive by only.

Wholesale deal. Cash or hard money only. If HM, pre-approval letter required. Non-refundable EM locks up the deal! Buyer pays all closing costs.

PP: $55,000
Repairs: $3000 est.
ARV: $85,000 est.
Rents: $900-1000 est.

Address: 1801 Dolly Wright, Houston, TX 77088

Pictures available here.

Thanks @Brian G. 

@Rick H., yes I was presuming so it was a "plucked from the air" stat.  For the record, my first mailing was to both of those probate lists.  I was just curious as to what experienced probate investors did with those lead types.

I've read the debate on mailing to the other heirs vs only the executors.  For budget reasons I'll stick with just the executors - at least for now.  

I'm diversifying my lead pool from only absentee. One common feedback that is given to me from my absentee leads is "I get about 5 postcards a month." I'm curious to see how the ROI will be on my probate DM.

Probate investors...

Do you send DM to probate leads where the applicant (executor) address is the same as the deceased address?  Presumably 99% of the time it will be a surviving spouse.  I'm assuming that they will be much less likely to sell than an heir that is detached from the property.

The list I get in Harris County is in two categories.  One where the applicant address is the same as the deceased and one where the addresses are different.  Neither lists actually specify ownership of property so I guess I'll be spending some time on the county websites searching for names in the property tax records to verify they own property.  Or is there a more time effective way to do that?

Does anyone have a good staging company to recommend?  As a side question, what price points in the Houston area is staging more beneficial?

Thanks!

Hi @Nicki B. , Welcome to BP!  You're absolutely in the right place if you want to learn how to invest in RE.  Be sure to check out the BP podcasts.  They are golden!

Thanks @Bill Gulley and @J Scott . I'll check with my CPA to make sure I get it accounted correctly. I'd prefer it all to go through my LLC.

PS @J Scott - Love the Book on Flipping Houses!

Due to the timeline of the foreclosure process and the very likely chance that the property needs a lot of repairs conventional financing will not work. You need cash or private funds. 

Good question. I was confused about that when taking RE classes as well. I do not believe so if you're advertising as an investor (not for listings), but you do need to tell prospects that you are a licensed agent when you talk to them (at least in TX you do).