All Forum Posts by: Spencer I.

The property is in a highly desirable part of town and I want to know if this can be a lease option, sub 2, or owner finance deal or not. All numbers are factual and from mls comps in the area. The property is in pretty good condition, but the sellers owe about what it's worth, it needs about $3-$5k in repairs one of the bathrooms need work, and they are behind $2,500. Is there a deal to be had here? All opinions are welcome.

3bed 2bath 2car
[b]ARV $115k-$120k
[/b]Rental Comps - $1100-$1400/month
[b]Repairs $3k - $5k
[/b]Mortage Balance approx $110k-$115k
[b]Interest Rate 3% fixed 30 year loan from 2009
[b]Monthly payment (w/taxes& ins.) $1,221
[/b]Behind $2,500

I have an inherited property under contract, and the seller has the will which clearly gave her the property after her aunt's death. My question is, do we need a lawyer to probate the will, or can I file it myself? I already have a buye for the property, but it seems this process might take some time. Any insight will be greatly appreciated.

Thanks Don and Tina for info, straight forward and exactly what I needed to know. Being my second year wholesaling, I'm still learning the rules.

Thanks a lot everyone for the feedback.

Is termination option money due with earnest money upon initial signing of contract, or is it only due if you terminate within the time given on the contract?

I ask because I have a realtor saying I need to turn in the option check with the earnest check, but my experience is I only write the termination option check if I actually decide to terminate. Any insight will be greatly appreciated.

I have a wholesale deal under contract, but the property has a tenant who hasn't ever paid any rents. My agreement with the seller is to evict the tenants before closing. I know in Texas in order to file for eviction I must have proof to show the tenant received the 30 day notice. What is the best method? I would rather not deliver it in person. So would mailing a certified letter suffice, or does the tenant actually have to sign for it? (which I think is ridiculous for a few reasons)
Any advise will be greatly appreciated.
Thanks in advance
Spencer

I am currently attending college. Computer Engineering major, and wholesale properties full time. Even though I may or may not use my degree, I feel like I have to at least graduate with my degree because my father has his phd, and mother has a masters degree. One of my older sisters already has her degree, and my other sis attends Texas Tech working on hers. So it's basically a must have for me.

Can't even find the ad today. Same thing happened to me on another truck a while back. That deal was probably doo doo too.

LOL Yep. A good rule of thumb I use with car buying on craigslist is; if it doesn't have a phone number it's probably a scam. If someone seriously wants to sell their vehicle one of the most obvious things is to at leat have a contact phone number.

You have enough money to start, but what you need is education.
A great option for you would be to start wholesaling.
Gain the knowledge first, then use a portion to start a marketing for motivated sellers and buyers.

UPDATE:

I contacted the vital statistics, took them 3 weeks, but we got the dc needed. Deal closed late February.

Thanks for all of you guys advise... Priceless.

I recently purchased the Canon Eos Rebel T3 and also got the widest lens available on the market the Sigma 8mm-16mm wide angle lens lens. At the right anlge at 8mm you can get 3 full walls, the floor and roof in one shot.