All Forum Posts by: Robert Sorrels

I did not run title 😬. I shall do that on Monday while I’m looking for insurance. What’s the best way to contact for cash for keys? By mail? Is there a form letter you use? I do feel bad they are losing their home, and want to be sensitive to their situation, (and would like them to not trash the place.) what are the requirements for the cash, do they just have to get the big stuff? Leave whatever they want? Obviously each situation is different…

Thanks for the reply Andrew! Yeah there isn’t a forem for foreclosures, but as this is being purchased for cash it is a brrrr too. This is my 2nd auction acquisition, but the first was vacant so I didn’t have this step. 

I am primarily buy and hold and look for value, and opportunity for STR. This home having a pool is huge for summer rentals and rates, also on a privacy fenced 1/2 acre. So I had been looking at a DSCR loan on other properties but they wanted 1 year of income before they loan…

My thought was perhaps I can lease back out to the current owners, then refinance to get my cash out. After the current tenant/owner leaves I will go in do a small rehab, furnish and STR following my current system.

But as the previous owners didn’t pay their mortgage how likely are they to pay the rent? 

So is it better to keep ‘em, kick em, or pay em?

I might just go directly to STR, and see if I'm right about the market. (It's outside of Tulsa and the STR's in the area don't have private pools.) Obviously summer is almost over, but I can build up my team until peak season.

Wow Natalie,

You certainly have quite a track record! Congratulations on all of your achievements! I myself am just starting my career as an agent and I know a lot of agents in my local market. I contacted them and met with as many as possible. Here’s what I came up with..

1. Do it now before you get your license, meet with them, find out what they will offer you as far as training and support. 

2. Don’t worry too much about your splits. If it’s 50/50 to start you should get better support and learn faster, getting the ball rolling is the hardest part!

3.Find out if everyone is successful in the office or is it just the team leader(s.) You seem like a go getter, so if you do get on a team don’t be afraid to leave it once you find you rhythm 

4.This is a job! To be successful you have to show up to work everyday. Make contacts and follow up, and follow up, and follow up. : ) if you do this and have a decent broker you will be a star! 

I put my 10% down, and am looking to insure the property while I deal with current owner residents. It is my understanding that this needs to be done asap since I am aquiring it as is where is..

How should I approach the current owner/tenant? They have until October 4th to try and hold on to it. Do I Call, Write a letter, Door Knock? 

1. Should I try to lease it to them? 

2. Cash for keys?

3. Sheriff Eviction? 

Thanks Issac, 

Would this still work if I currently have a mortgage (30% LTV) on the STR?

I would like to pull some equity out of my STR investment property in order to purchase and BRRRR another property. I live in CA. STR is in OR, and the BRRRR property would be in OK...

Anyone purchased an occupied forclosure at auction recently, have you been able to evict?

@Sam Slivinski

Where at?

@Ashish Acharya

Thank you! I wasn’t sure so I just had them wire the proceeds to my business acct. I guess I can move that to my personal account now.

I recently “Refinanced” an investment property I bought at auction with cash savings and Heloc from primary. I also moved out of my primary residence and leased that out.

Now I would like to a purchase a multi family 3 or 4 plex as my primary with the funds from the refi.. are there tax repercussions? Or is there a limit to how much I can use without tax penalties, given that both houses are now in my “business?”