All Forum Posts by: Michael Coxson

@Rigo V. you won't necessarily be limited to 2 per year, it depends on how much equity you gain from the process. For example: let's say you buy a house for $40k, do a $40k rehab and this is all done with a loan of 20% down. So you're into it $16k with a mortgage of $64k. Now 6 months later its value is $120k, you cash out refi to 80% LTV or $96k. You just pulled out twice your down payment, you can do 2 at a time now instead of just 1. Just don't look to get your down payment out, try to get as much as you can to put towards more units. maybe you won't get twice your down payment, but more than your original down payment is the goal.

And it is possible that the owner is dead, I thought about that, is there anything I can do to buy it if that is the case?

Thanks for your replies! 

The county records don't have a lien on the property. It was bought by this person 16 yrs ago with cash and their taxes are current.  So I don't think it's tied up. Do I have to look anywhere else to know if someone else has a lien on it?

So say I send them a letter or 10. And they decide to sell it to me. Do I just go to a title company to transfer title or do I need to go to an attorney? How does that work? 

Hello All! I have found a property that I'm interested in buying. The property is boarded up and it looks like its been that way for awhile. I looked at the tax info on the property and found the address of the owner(they live out of state). Now how do I get them to sell me their property? Is my only option sending a letter and hoping they respond? I know its just costing them money sitting there, but sometimes people don't want to sell a place for cheap. My plan is to fix it up and rent it out. Any tips?