All Forum Posts by: Michael M.

Hi @Chris Erwin, thanks for your message.  In the near-term, I am actually looking to wholesale and team-up with other wholesalers in the area and split deals in the near-term.  I'd also be happy to get to know any buyers in the area to help me gear my marketing toward their needs as well.  

Greetings!  I've been doing deals in the Denver and Tampa/St Petersburg area for the past couple of years and am looking to expand into the Birmingham, AL market.  

Are there any wholesalers doing deals in Birmingham?  Lets connect and see if we can do business together!

Thanks Jesse & Rick. Really good stuff! I think I'm gonna keep it pretty low key and build rapport. I like the simple white-sheet approach and that is generally how I approach homeowners for "normal" deals anyway.

Good call on being sensitive to the family back story as well. Seems this family does have some serious issues of passing away early in life for the last 3-4 generations from I can see.

Lots to learn on this deal but it is invested for the next one for sure!

Thanks. I'm not trying to go around the family at all. Simply want to have a good sales strategy before I approach them. Best I can tell there is no will or executor.

Sounds like I need to show up on the doorstep with an offer and the phone number for a couple local probate attorneys to point them in the right direction...

Thanks Sharon for your insight and tips.

To date, no one has opened probate and the owner passed in 2012. You mentioned getting title work done right away after an accepted offer. However, I'm not sure I can actually write a contract on the property BEFORE the probate has even initiated--am I wrong? My concern is that if I notify the heirs of their potential inheritance, they may see $$ and try to sell it to someone else or highest bidder. I guess that is their prerogative and my risk in this game. Just trying to minimize that potential. Some cart vs horse stuff to get my mind around here...

Greetings everyone! This is a continuation of the post I started here: https://www.biggerpockets.com/forums/93/topics/111285-help-how-to-buy-from-deceased-owner-and-cant-find-heirs?page=1

I was able to hire an investigator and find a few heirs that may claim this abandoned property I have found. Since this topic is evolving into a specific plan of action now, I thought it best to repost a new thread here.

Specifically, the heirs are three children of the brother of the deceased (all in their 40's)--two of which I believe are located here in town. So the question is this: now that I've found some heirs, how should they be approached? Does anyone have a general pitch for this type of situation? I am also assuming knocking on the door will be much better than calling/mailing at this juncture...

My ultimate goal is to buy the property for cash - after which time I can decide if I want to fix it up or simply wholesale it to another investor. I also wouldn't mind acquiring some of the valuable personal property items I saw inside the property (I'm not going to say what just yet!). Again the house is the goal, with the other items as "nice to have" but not priority.

I'm assuming my pitch should include an offer to pay for the probate process and ~$5000 tax liens IF they agree to sell the property to me. If so, is this something that should be in writing? Do I need to have an offer ready before I even start this conversation? (Guessing it will be a full rehab job).

I'm new to the probate process so I really am doing my best to understand what my options are here and any advice (especially from those savvy to Colorado law) would be helpful!

Thanks!

So, here is a question (especially for those in the know for Colorado laws):

Lets say I pay the $$ for an investigator to find heirs--and they find one or more. Then what? Do I simply tell them to contact the county probate office because they have a house to inherit and then I'll buy it from them???

I'm assuming there is a more elegant way to approach potential heirs in such a way that it is a win for them and a win for me as an investor.

Anyone have ideas/experiences with this? Probate is still a mystery to me in general, let alone approaching "missing" heirs...

Hi Rick -

Great question! I know the way of thinking should be "the best time is now!" BUT given some of the stories of the local folks that have really made it, many got started around 2002. It is easy to look back at past conditions and know what worked after the fact.

Truth be told, we have a unique situation with record low inventories coupled with record low interest rates here in Denver--I do think we are in for season of unheard of opportunity (I just don't know what they look like yet!). Just can't necessarily go by the way everyone "used to do it".

2014 is going to be a good year!

Everyone - thank you for your helpful responses! Sorry I don't get online to this forum daily, so please forgive my delayed reply!

Here are my courses of action as I see it now:
1. Get an O&E with doc images
2. Keep pursuing potential heirs (I think I may have one more potential sibling of the deceased to try)
3. Contact Tax Lien Holder and offer to buy for current interest owed.
4. Contact neighbors and inquire
5. Rinse and repeat 2-4

Nothing is for sure, but I don't think Adverse Possession is for me in this case.

The property is about an hour drive from me, so I can't make neighbors a first priority until I can get up there for other issues. One of my potential sellers lives near there, so it may come sooner than later when I can get up there.

Even if the property is a complete junker, it is worth it in this market in Denver--especially come spring time. I picked one heck of a hard time to learn real estate investing. But if I can get good at this now...

I'll keep you posted on progress if/when it comes.

Thanks again!

This is a

Hi Jay. Thanks for the advice. I've been scratching my head on this one for the last 2 months. I'll just keep pinging it from time to time to see if there are changes/updates.

Hi Matt - thanks for the contact! That sounds like a good person to start with in helping me search (provided it isn't too cost prohibitive on my wimpy budget!). I'll give her a call!