All Forum Posts by: John Mills

We come across properties that are vacant. They need work and taxes have not been paid for 2+ years. City has liens on them for cleanup and unpaid utility bills. They are usually out of state owners. We mail to the address the tax bills go to but no luck. Calling the numbers reaches numbers no longer in service. How can you find the person responsible to make an offer on the property?

looked at and missed a deal the other day. Cash buyer snatched it up. Here were rough specs:

ARV 200K

Repairs 15K

Sale Price 100K

For some reason, seller only wanted 80K at close and a note for 20K payable at 7%. Interest only monthly payments for 23 months with

balloon/payoff on month 24.

Note was unsecured

We missed it but asked hard money lender if they would lend on a deal like that and they said no. It looked like win/win all around. Am i missing something? Do hard money lenders avoid any deals with seller financing? Im confused since the note had no ties to the property. I understand their position if the note is secured to property but if its not.....? 

looked at and missed a deal the other day. Cash buyer snatched it up. Here were rough specs:

ARV 200K

Repairs 15K

Sale Price 100K

For some reason, seller only wanted 80K at close and a note for 20K payable at 7%. Interest only monthly payments for 23 months with

balloon/payoff on month 24. 

Note was unsecured

We missed it but asked hard money lender if they would lend on a deal like that and they said no. It looked like win/win all around. Am i missing something? Do hard money lenders avoid any deals with seller financing? Im confused since the note had no ties to the property. I understand their position if the note is secured to property but if its not.....?

going

thanks Mindy!

thanks Joshua. Unfortunately, ive done the contact us but no luck. Even tried a msg to brandon on facebook but nothing.

Sounds like ALOT of potential members and money could be lying on the table

i know someone very interested and wanted to give a few months of pro membership as a gift. Anyone know how to do that?

House has been vacant for years. Owner has an IRS lien from 1993 for 25K. House is worth about 200K after repairs

Thanks Wayne. so if there are no heirs, is there a way to locate the representative appointed for probate? also, is the probate procedure a very long process? A friend of mine passed away in FL several years ago and some of his property was in probate for several years. Not sure why. He had no family and 0 debts.

Looking for my first flip and found one pretty interesting. Its actually the house I grew up in.

Owner died a few months back and the house is now in foreclosure. It seems they served a Lis Pendens

shortly after his death. What happens to the house? It seems he refinanced it about 15 years ago for about

240K with an adjustable rate 30yr mortgage. I dont know value of that currently but the house in current condition

maybe worth about 100-120K. ARV would be about 219K with maybe 25K in repairs.