All Forum Posts by: Richard Anthony

www.signsonthecheap.com

Agreed

@Brian G. Everything I mail to I cross reference to the property records to see when the property was purchased and for how much compared to what I think the home is worth today. If I think there may be equity then I will market to them. For instance one house I bought was in a revocable living trust that the husband and wife vested the property in 15 years ago, it was a rental property. The husband since passed away and the tenant moved out. I think it was the same tenant after 15 years and she left it quite a mess. The wife didn't want to deal with it and basically gave it away. 

Another instance the parents left the property in trust to the children with one executor, they all had to discuss the price I offered and agreed to sell.

The trust will allow the property to pass to the heirs without going through probate, at least in my experiences, which makes it a beneficial tool. I have my personal residence in a trust. 

I definitely recommend mailing to family trusts. I have bought three homes in the last year by direct mail to trusts and have one in escrow currently just waiting for all the paperwork to get lined up correctly. The potential deal is worth the price of a stamp in my opinion.

I use simply safe in my rehabs. I have never had a problem with them, they are pretty cheap and reliable. You can set it up to email or text you any time there is an alert wether the alarm is set off or whenever someone disarms it to show the home. It's good piece of mind and reliable, I would definitely recommend . I have not heard of canary. 

as long as you disclose that you do not intend to occupy the property and the lender/ mortgage company knows it is an investment property you will have no problem with that. Typically you will have to put down at least 20-25% for an investment property, other than that to you will be good to go. I have a few very good lenders out here, one that closed an investment property for a client of mine two weeks ago. I'd be glad to send you her contact info if you would like, just DM me.

If you are interested in the property have your agent write up the offer with a 10 day due diligence period contingent on inspections. Once they accept your offer and you open escrow you will have 10 days to get all the contractors out there that you need to make your decision. If you want to move forward go for it and if you want to back out you can get your EMD back as long as you are within your due diligence period.

If they won't allow any contingencies I would stay away unless you are confident you can get it done within your budget.

If you are putting down 20% and buying as an investment property (non owner occupied) there should be no reason why you couldn't start renting it out right away. Page 1 of the RPA here asks if buyer intends to occupy the property, just check no.

Sounds like a good deal. I look forward to seeing the end results. Good luck.

If the seller is out of state it is no problem to close a deal over the phone provided you can get access to the property to do your due diligence somehow. There is no reason for you to spend money flying anywhere and most times if the seller doesn't want the house they may not want to come back to where the property is located. 

Title can send docs to the seller for sigs and to get notarized and fedex back.