All Forum Posts by: Kyle B.

So I went to the Clerk's office at the county courthouse to look through the probate filings. When I asked to do this, I was told I could only look through filings if I provided them with a name, which I wasn't able to do because I didn't plan to look at one specific case.

Do I have the ability to look through any file randomly or is it restricted to what they told me? Or could I ask for all the probates filed in the last say six months (pick an arbitrary time frame), and they will have to give me access to these?

This is my first time doing this, so hoping to learn some tricks of the trade from someone who has successful gotten probate leads from the county. What is a good way to explain what I'm trying to do so whatever person I'm talking with is able to assist/accomodate me?

Thanks!

@Phil G.

No, it is not listed on their website. Driving by the house, I saw the Homepath sticker on the front window. I verified this with the county assessors office as FANNIE MAE was the current owner. However, they are not currently marketing the property. It was on the MLS earlier this year but has since been taken down.

There is a property I located that is owned by Fannie Mae and was once listed on the MLS. Now that property is no longer being listed but is still sitting vacant. What is the best process for trying to purchase this property? Is there a specific person I should be trying to get a hold of about this? Possibly a local asset manager who handles Homepath foreclosures? Any advice is appreciated.

Thanks!

@erik hitzelberger

You make a good point. If you rollover into a SDIRA, then any profit would have the tax advantage of an IRA. Of course you couldn't touch the gains for a while, so it's just a matter of whether or not you want to spend the profits (on non-investment purchases) now or later.

@Brian Kelsch

Thanks for confirming that. Sounds like it should be fairly simple to get that money then? As a hypothetical, say you have $25k in a roth 401k, and your contributions total $20k. I would be able to get a check for the $20k amount while leaving the $5k in the roth 401k and have no taxes or penalties in that scenario?

@Nick Lee

@Nick Lee

I recently left my job where I had a roth 401k (so my contributions were made after tax). Does anyone know if I am able to roll this account over into some kind of self-directed IRA where I can use the funds for real estate investments (I'd be looking to do home flips in this case).

Additionally, since my contributions were made after taxes, could I withdraw this money penalty free and without having to pay any additional taxes? Is that correct, has anyone been able to do this before? Obviously if I withdraw from my growth and/or company contributions, I would have to pay taxes on that (and possibly a 10% early withdrawal penalty), but is there a way to distinguish between the two when taking a withdrawal?

Thanks in advance!

@Jane George

Listsource, http://www.listsource.com/homepage/index.htm

Seems to be the most popular website on BP for purchasing leads

@Robert walmsley

If I understand you correctly, you are asking why someone would lend money at 5-6% when they could purchase the rental themselves and get a 12% return, is that correct?

A few reasons. First off, your actual return is not going to be 12%. Your gross income is $12k but you will have expenses in the form of ongoing maintenance on the property which will lower your overall return. Secondly, the lender is investing in a more passive, lower risk investment. You being the equity owner of the property are taking on more risk hence should have a higher return. You will be the one who has to deal with tenant issues. You can always higher a property manager, but that will lower your returns even more. The lender will only have to worry about receiving their monthly payment from you.

Finally, you are taking on more risk. If the investment goes south, then you could potentially lose your 20% equity investment and the lender would take control of the property. They of course run the risk of losing money as well, but will at least take the property from you if you default on your loan. You however, run the risk of losing your entire investment.

Essentially it boils down to investment risk preference. Someone who prefers a safer, less passive investment will have to accept lower returns.

Hope this makes sense!

@James Ramsey

Do not offer more than your desired profit will allow you. So if a purchase price of $25k gets you your desired profit, then that is a perfectly acceptable price to buy the property for. If your desired profit requires you to purchase the property at a lower price, then you would want to counter at a lower price (in my opinion).

With that being said, from my experience, it is not uncommon to go back and forth on price, so countering their offer of $25k shouldn't necessarily be a deal breaker. In the area I'm bidding for houses, if there are multiple offers on a property, the listing agent always asks me to give my highest and best offer... it doesn't sound like you're in that situation. So worst case scenario they reject your lower offer... and maybe you could re-counter with the $25k (with your tail between your legs) and get the property.

Hope this helps.