All Forum Posts by: Lee Haenschen

Yadkin not defunct. They were bought out by first national bank. 

They started out as American community bank, then purchased by Yadkin valley bank & trust which changed their name to just Yadkin bank. Then yadkin was purchased by FNB.

We use FNB for our other 2 businesses. 

a guy a few miles down the road from me removed the front and back doors of his rental to get thr people out. It worked pretty quick! Dont know if that is legal but nobody saw him do it so no witnesses. 

Thanks Angelo!

Thanks Steve! Yes I do have the end in mind. I do have a master plan of how I want to get from where I am now all the way through retirement. I have a very vivid imagination, I just need to work 110% on turning that thought....into a thing! 

Lexi I wasn't trying to force a sale....I guess what I meant was if he dies....and nobody claims the house it will land up eventually in tax lien foreclosure.

I didn't know if there was a way to position myself between the state and the owner. I'm new to RE investing....just trying to learn

Tony I was trying to stay within an hour of Charlotte to be able to manage my first few jobs hands on.

We really need some flips to get up some cash. Once we have a nice reserve we want to start doing some rentals. 

Ok this is a long shot! I own a full service lawn maintenance business, one of my long time clients that I have had for over 15 years is in poor health and is very disconnected from his family. He lives in Charlotte NC and owns a vacation beach house in Surfside beach SC.....a decently popular beach town.  Recently I've asked if he's interested in selling his beach house seeing that his vision is poor and he can't drive for more then a couple miles. The beach house has been vacant for at least 15 years. 

He is not interested in selling, his reason is that he wants to give the house to his daughter when he passes. Mind you the house is going to need a full rehab in which she is incapable of doing. Long story short his daughter is in her mid 40's and lives at home with him. She is mentally unstable and usually stays barricaded in her room for weeks/months at a time. She (daughter) has not been outside in years. From what he says she has only stepped foot outside on the driveway two to three times in the last 10 years. 

Is there anyway I can position myself to capture the home when he passes? He does not talk to family and does not get along with his family, yes they could possibly be waiting to do the same. His house in Charlotte is in bulldozer condition as it sits now! and is only worth the land it sits on. 

I thought about approaching him with an offer for buying his beach house and putting the money in a trust fund for his daughter to inherit upon his death. 

Adam I was directed to the commercial loan dept. They said because it was investment & I was not going to live in the home that it would be considered a commercial loan. 

Again it's information paralysis, I feel that the higher the dollar value for my first few homes the larger the risk I take in not being able to pay for it out of my own pocket it the house does not sell or rent. I look at each one of these homes as another bill I might have to pay out of pocket if the investment goes south. 

Adam you have no idea! Ready for a fresh start that's for sure. Just very difficult to leave steady pay for possibly no pay

I'll be honest, I haven't even contacted the women! I just was researching the house and found the owner etc...

Was more or less asking a general question of how someone would handle this situation. 

I plan to send a marketing letter to the owner. But wanted to know how the seasoned veterans would handle this kind of deal.