All Forum Posts by: Dan Duran

Thank you for the input!! I will speak to a probate attorney tomorrow and I will also try to track down the heirs. I would like to see what their expectations are before I try to pass on it. You are right about evaluating the time needed for pursuing this deal Joel. it may be more than it's worth if I have 4 potential owners that will never come to an agreement. Thank you for bringing that up.

Thank you Kyle and Ibrahim. I should have clarified the issue with the heirs. None of the heirs get along and they all live in different parts of the country. All 4 are living on public assistance and they have no way of helping. I have been working with the daughter since she was in default last year and I was trying to see if I can find a way to lend them money to pay for probate expenses. I will try to find a probate/real estate attorney to see how we can structure it without much risk of loosing the money I lend to the heirs.
I'm a little concerned because I am going on the word of the daughter. As of today, none of the other heirs have come forward. I'm sure they may pop up now that the owner has passed. I will keep you posted on how it goes.

I'm trying to find a way to buy this property and help the heirs at the same time. The owner, who is the only person on title, was in her 90's and was being cared for by her daughter. They were trying to get a will in place, but they never did. None of the heirs have money to pay for a probate attorney and the only asset in the estate are two homes. There are 4 siblings in the family, but I have been dealing with the daughter living in the property for over a year. She is also the only one that lives in the area. They are not in default, but need to get the money from the equity in the property to pay for funeral expenses and the probate attorney. I'm trying to structure this so that I can get the property, but without knowing the executor, is that even possible? There is plenty of equity in the property and I have already determined that the daughter does not want to live in the home. Any advice would be greatly appreciated.
Best,
Dan

I door knocked preforeclosure lead. I found out she had inherited the property 3 years prior. She had not been working for the previous 2 years because of a car accident and she took out a hard money loan for help. Prior to taking out the hard money loan, she owned the property without any liens.
I almost didn't get the deal because the hard money lender was not very cooperative. I wholesaled the deal to a more experienced investor, but the hard money lender charged $5000 for granting a week extension for the trustee sale. Of course, we needed the extension so the hard money lender could provide us with the payoff amount. (The lender really wanted this property).
I got it under contract for $110K and sold the contract for $120K.

The last books that really inspired me were "The four-hour work week" by Tim Ferris and The E-myth by Micheal Gerber. Talk about changing the way you look at your business!

I started at 39 buying my first rental property. I have since moved to wholesaling and am now exploring lease options. Always something new to learn.

CA is a great place to start your investing career. All of the posts have offered great advice. The only thing I would like to add is to choose your niche, do your research of the market and niche, have a marketing plan and work your plan. Best of luck to you!!

Hi,
I was wondering how to structure a first lien for my private investor on a deal. Don't you have to have an attorney write up the note? I didn't think title would be able to draw up a deed of trust? Thanks for the clarification.
Dan

Thanks Andy. I found the forum and am looking forward to learning more about this side of the business.
Best,
Dan

Hi,
Thank you all for the reply. Andy, I knew there was another way to approach this deal. I am always running in to sellers who are motivated but don't have enough equity to do a fix and flip. I can get the seller to deed the property over to me on a sub-to, but where can I get the lease option paperwork? I have never done a lease option before and think it is a great area to get in to now. Thanks again for the advice
Dan