All Forum Posts by: Christy Winchester

@Tom Linnik

Then the probate process hasn’t started or it is stalled. Unfortunately, most states require the deceased’s property to go the state if there is no will.

The local newspaper is required to run noticed to all collectors against a deceased’s estate so that any creditors may come forward with any money owed. That’s your signal that probate is in motion.

You may be able to contact the heirs, write a sincere letter of condolence, mention that you are a local real estate investor and if you can help the family, to please let you know. Enclose your business card. The key here, is tasteful. You don’t want to come off as greedy as they are likely grieving still so again, tact.

@Tom Linnik

Start with the county property records to find out who owns the home now, assuming that the estate has completed the probate process. Then, contact them and ask if they are interested in selling.

@Deandre Lee

I worry about your estimated taxes at 229-that seems low. You have to remember that just because the previous owner paid that amount, doesn’t mean that you will. Check with the county tax office.

Also, the house was built in 1944. While houses were built so much better then, it’s still a 1944 house. If maintenance has been deferred, that may cause your estimated repair number to be too low and thus, blowing your budget/estimations out of the proverbial water. I know that you plan to repair some items and I hope that you build a solid maintenance plan too. If repaired and maintained properly, over time, your maintenance budget could be lower but again, I would estimate more for monthly repairs, especially initially, until you get a good feel of what the house needs.

Overall, if those numbers work for you and your plans, go for it.

@Brian Wilkes

I am not a lawyer but my knee jerk reaction is that such an entity may cause additional housing discrimination complaints. For example, if Renter A discovers that their name is listed in the database, then when Renter A goes to rent a new place, is denied by the new Landlord and then Renter A attempts to create a legal fecal matter storm against both the new potential landlord and the one that originally listed them.....

I am generally a fan of being the rainmaker, but yes, I agree with you. 

Do you have any recommendations as to which company? Why do you like that specific company/plan? 

I am in the process of insurance shopping for an umbrella policy. What carriers do you recommend? Why? As always, I am grateful for all perspectives.

Depending on where you are, even though you have "won" it as the high bidder, you have no legal rights to the property until you have received the tax deed (at the end of the redemption period).  Thus, you aren't able to insure it, repair it, or even enter the property as you are "trespassing".

Thank you, all, for the insight.  

I acquired it at a tax deed sale.  

Honestly, at the moment, I am contemplating options.  I wasn't expecting to hit a grand slam so early in my investing adventures and I need to clarify what makes sense for both the immediate future and the long term future.  Ideally, I have two houses that I would like to pay off (and I have a major renovation of a third house that will happen soon). I am not opposed to obtaining another property to meet the requirements of said 1031-no true "obstacle" as I have good credit and a stable job. 

I am grateful to have good "problems". I have also been on the other side too so I appreciate when the fruit is sweet. 

Again, thank you for the perspective. You rock. 

When does it make sense to NOT complete a 1031 exchange?

I have acquired a vacation-esque property in an exclusive gated neighborhood.  I plan to sell this home. I expect to walk away with 400-500K but my investment strategy is on the conservative side and I don't see me purchasing another property with similar value any time soon (I don't play in that arena yet-but remember my name so you know me in 10 years).  Not even two or three properties to equal said amount.  I (like you, dear reader) can't speculate on whether I can actually sell it this year due to the market but again, I would like to do so.  

So, what do you think?  What else do I need to consider?  What am I missing?  TIA for helping me think through this.....