All Forum Posts by: Erin Elam

thanks @Mark Elliott I felt really stupid lol but I won't give up. 

So I went through all the probate admin notices in the local paper and found an interesting notice. After reading and researching the names it seemed to me the mother died in 2011, the father took care of things but now the daughter is becoming the executor.  So tax website showed tax bill for 2014 is past due in mother's name and I'm thinking great my first probate lead. I handwrite a nice letter, a no fake condolences but empathy non-the-less; a no-pressure-but-keep-me-in-mind letter. I was excited taking an actual first step when I mailed the letter - been reading alot and like most newbies trying to make sure not to get stuck in analysis paralysis. 

I looked up the home on Zillow just to get some basics and notice a 2014 foreclosure auction sale date.  Hmmm interesting since I had seen a 2014 tax bill in the deceased woman's name. Then a light bulb appeared hey Erin look up the tax bill BY THE ADDRESS ..... Sure enough there are 2 tax bills and my letter is already in the mail. 

One lesson learned, a hundred more to go.

Good points @Sammy Gallegos I appreciate those tips and the breakdown of the 3 buyers I will be dealing with - great info to keep in mind as I come across properties. 

Thanks @Will Barnard that is the type of explanation I was looking for. I understand what others are saying about there being different markets and competition but I wanted a better GP idea and you gave it to me.  Thanks again. 

Erin

@David Moore to @Chance Cooper point is that a strategy best suited for an end buyer? I would think that as a wholesaler my end buyer would already have access to HUD and REO properties.

@Elizabeth Colegrove so was your first contract just in your name?

Thanks @Guy Gimenez @Elizabeth Colegrove  and @David Moore !! I appreciate your honesty :)

Hello BP,

Before I get my first deal, what should already be in place? Should I already have a business name/entity established? Or is it the same difference to buy in my name since I will be assigning the contract anyway?

Should I go ahead and find a reputable GC?

Thanks

Erin

@J Scott yes that does thank you! So now my question is what types of things should I look at as a wholesaler to try and provide reasonable numbers? Just enough to make the home livable? What would you want a wholesaler to include in repairs - only things that need fixing? And on that note if I brought a GC in and said hey give me a number on 'repair costs' would they most likely provide a number closer to what a rehabber would want to see?

@Sammy Gallegos and @Will Barnard i would like your input on this as well please.

Thanks!

Erin

*I meant: does the wholesaler make sure there is not a kick-out clause?*