All Forum Posts by: Josh Norris

@Bryan R. Thanks for the advice Bryan.  Could you elaborate a little?  I've purchase most of my deals in the last 2 years via this method and haven't run into any issues but I'm definition interested in hearing why you say be careful.

Josh

Ive been following the probate discussions for the past few weeks and am looking to get into marketing to these leads, currently focusing on tax foreclosure and inheritance.  I have started doing some research and have found the business journal in my county publishes the notice to creditor for probate filings.  Doing a little more research it looks like this is not mandatory but will definitely speed the probate process up.

Are the successful probate marketers getting the leads before the notice to creditors or waiting until that notice is published?

Also how are you finding the address of the representative once you find out their name?  I know that I could look up their name not the county recorders site but that would only turn up results if they own property or live in that specific county.

Thank You in advance for the comments,

Josh

@Nathan Brooks Thanks for the input Nathan.  I do agree.  I am definitely a numbers guy and I guess I am curious about how detailed everyone is expecting their contractors to be. No need to move on the numbers will work on this deal regardless but like any business guy I want to get the most out of this deal possible.

I have had about 6 bids from general contractors so far.  None of them are up to par with what I am looking for as far as completeness and detail goes.  It seems that most contractors want to give you a total cost but none of them want to give you detail cost break down.  Below is the most thorough I have received and I would still like it to be more detailed.  I am looking for labor vs product cost, is this an unusual request?  Just knowing what a kitchen will cost is not enough if they plan on using the cheapest material possible.  Is it unrealistic to ask them to break it down by labor and material?  How would you guys approach this?

Details on the house:  1150 sq ft 3 bd 2 ba.  House needs a complete overhaul.  Will not take it down to the studs but it will be everything but that.  New everything including floors, paint, kitchen, bath, house has been vacant for 2 years.  Lot is 10k sq ft so there is a lot of landscaping to be done.

What are you thoughts on cost, both per section and total?  If more info is needed just let me know.

Thanks

Insulation: $7,000.00

1. 1. Remove, replace insulation & Ventilation in Attic and Crawl space
   2. Converting attic into bedroom, with new insulation
2. Windows & Doors $2,000.00
   1. Add new Sliding door in kitchen
   2. replace existing interior and exterior doors $1,800.00
   3. replace garage door $2,500.00
3. Kitchen $9,000.00
   1. Floors
   2. Cabinets
   3. Cabinet pulls/knobs
   4. Countertops
   5. Sink
   6. Facet
   7. Back splash/tile
   8. Electrical outlets
   9. Plumbing
   10. appliances
4. Bathroom in Bedroom $6,500.00

   a. Floor
   b. Cabinet

c. Cabinet Pulls/knobs

1. Countertops
2. Sink
3. faucet
4. Toilet
5. Bathtub
6. Showerhead/tub spout/valves
7. Bath shower/tile
8. Mirror and or medicine cabinet
9. Other Bathroom fixtures

i. Towel bar, toilet paper holder, ect)

1. Electrical outlets
2. plumbing
3. Lighting
4. Celling fan/vent
5. Floors General outside of kitchen/bathroom

1. 1. Floors $3,500.00
   2. Molding/trim (millwork cost included in section 12)
   3. Baseboards
2. Electrical $7,800.00
   1. Electrical panel
   2. Electrical outlets(grounding, circuit breakers)
   3. Electrical outlets placement
   4. Light fixtures / or celling fans
   5. Light switches
   6. Wiring
   7. Replace Light switches as needed
   8. Replace wiring as needed
3. Plumbing (tentative)
   1. Old Galvanized pipes (outside of kitchen & Bath) – cooper
   2. Main water supply in take
   3. Sewer line

8. Other
a. Furnace $7,000.00

Home appliance/mechanical

1. Water heater $2,000.00

1. Paint $7,500.00
   1. Interior pain
   2. exterior paint
2. Outdoor
   1. Lighting (cost included in electrical)
   2. Decking $3,500.00
   3. Landscaping $5,000.00
   4. Back yard accessories(cost included with landscape)
   5. House siding with 8 1?4 inch hardening cement $7,000.00

11. Bedroom

1. Floor carpeting for 3 bedrooms $3,500.00
2. Sheetrock $2,000.00
3. Molding (cost included in section 12)
4. Lights (cost included in section 6)
5. Doors (cost included in section 2)
6. Electrical (cost included in section 6)

12. General indoors

1. Flooring in living room (cost included in section 5)
2. Flooring in Dining Room (cost included in section 5)
3. Hallways (cost included in section 5)
4. Bedrooms (3) (cost included in section 11)
5. Trim (millwork $3,500.00)

   i. Stairs

ii. Molding & casings

iii. Baseboards

13. Fence
a. Add cedar fence around house $7,000.00

14. Pave Driveway $5,000.00

1. add compressed asphalt w. gravel and sand to pavement
2. add 8X10 asphalt to landing outside in yard area
3. add/elevate asphalt for water drains

15. Garbage Debris $3,000.00

1. Bring in containers to remove existing debris
2. Haul and remove exterior debris

16. Demolish bedrooms in garage (not up to code) 17. Replace siding as needed
18. Replace interior door if clients desires.

 Completed within an estimated 2 month time period with total cost of $93,100.00 plus tax with upfront cost of $ 46,550.00

I, do accept the above scope of work, proposed to be started upon signature, Completed within an estimated 2 month time period with total cost of $93,100.00 plus tax with upfront cost of $ 46,550.00

BID COST SUMMARY Total Cost

Subtotal	$93,100.00

Tax rate

Tax

Grand total

9.50%

Does anyone know whether or not there are tax implications if a family member quit claims a piece of land into my name.  I would not be paying anything for the property they would be giving it to me for nothing.  They no longer want the property and are currently behind in taxes.  I would be updating the taxes and taking over the property.

Thanks,

Josh

Hi All,

I am trying to put together a crew for a rehab I'm starting.  Does anyone have any good referrals for GC or subs in King county, WA?

Thanks in advance,

Josh

Hi Joe, I have a 10k sq ft lot in burien, just south of Seattle. Are you looking for personal use or investment?

Talk to you soon,

Josh

Chancy,

I'm guessing if you are asking this question that you are not real familiar with the auction process, but maybe I'm wrong. There really isn't one good spot to locate what is going to auction and what the minimum bids are that is updated daily. John L Scott does have a foreclosure group that if very good. It is completely free with weekly Thursday meetings to run through all properties still active for the auction. They will go through the hot plays, what your max bid should be, and they even have people there that will do the bidding for you. It's all free until you buy at which time they charge a 3% fee. It is 3% of the accessed value or winning bid, whichever is higher. I would suggest just going to a couple meetings to see what benefits they can provide. I am in no way affiliated with them but I am subscribed to their website to have access to all foreclosure, this is also free.

Hope that helps,

Josh

The Safe Act posts are rampant on BP right now. What I want to know is:

Who is still selling with owner financing? I am curious on how this has affected everyones business.

Are you using an attorney to structure your deals and close or writing your own contract and having an escrow company close?

What is the typical structure? Int. Rate, balloon, amortized over 30 yrs, etc.

What kind of research are you doing on your prospective buyer?

@Jimmy Mosby WFG Title is who I have been using and they are great. They are very familiar with double closings and assignments if you plan on doing wholesales.