All Forum Posts by: Tim Shin

 Overseas, cool! Thanks Ralph and Mike for the responses. How quickly did you get 23 units? Were they all pocket listings like Ralph? 

Does anyone else have any thoughts on Durango, Montrose or Grand Junction? Is Pueblo nearby?

Myka that's great. Did you find who the executor was? You may be able to see the will and if it's been probated or not. Even if it hasn't been probated, you can start negotiating with the listed executor and see how you can help solve their problems. Remember, this is a time of loss and often people aren't treated with the respect that they deserve when they have a loss. 

Ask your favorite title company for documents they'll need to complete a probate closing and what steps need to occur first. 

Keep us in the loop because probate can get complicated. But, it's the title agents job to know how to fix it, you just need to keep on them. 

In that case it's probably pretty similar to Houston. You should be able to look up the deceased on the probate records in your country and find the executor.

Well you need to figure out who is actually the executor on the property. You didn't shoot yourself in the foot because there really wasn't a way to trick them into selling the property. Probate cases go pretty standard. The executor of the will (the person the will indicates makes all the decisions for the debts of the estate of the deceased) is required by their fiduciary duty to take care of the debts of the estate (if any) and to distribute any and all property to heirs listed by the will. This is fairly standard and easy to find if you look at the county probate records. Then contact the executor and tell them you'd like to help them out by buying the house. 

Easiest route is to ask the mother to get you in contact with the executor. 

It may take a while but you can do it. The harder part will be if there isn't a will at all. But then the court will need to appoint an executor of the estate. If the will has already been probated, you're in the clear and just need to negotiate with the executor and figure out how to satisfy the mortgage company. If not, the probating may take a a few weeks depending on the size of your city/county.

Where is the property?

Hi All,

While on vacation in Ridgway, Colorado from our day-jobs in the energy industry and our real estate investing in Houston, TX, my wife and I fell in love with the area. We absolutely love the size and coziness of Ridgway and would love to live there.

Living there would mean leaving our careers and fully embracing real estate because I don't see any other alternative. 

Let's run a thought exercise and see how we can do this:

What can I invest in and where can I invest in so as to live in the Ridgway, CO area? 

I can't really tell that the economy is based on anything other than summer tourism and thus AirBnB rentals would be difficult. 

Is there a great rental market nearby? 

Where I live in Houston, I believe the market is currently too dangerous to enter flips as it may go down soon but rentals are okay. What's the market like in CO?

Denver seems to be in a bubble. 

Any input would be helpful! Especially if from @Joshua Dorkin

Thanks!

It appears to be true the way people buy houses

I think you should speak to your a Lawfirm and CPA group that specializes in real estate and wealth building. I'm not suggesting they can help you, but I've been using Anderson Law Firm to help us with those kinds of questions.

I think it will depend on the city you're in. If you are in a "hip" city that has a shortage of affordable housing (like Austin), I think it's a good idea if you can make them cool, sustainable, and green whilest being sturdy enough to transport out to wherever these mobile millennials are going to live. In markets like Houston, I think it's more of a speculative bet.

It probably won't be a big deal for you to just go ahead and tell them you're interested in buying the house and you want to know the status and the next steps to resolving it. From there, find out the details and post again.

There are rarely empty rooms if you find REIAs or meetups. Someone always wants to buy something. The trick is finding the deal. My experience has been focus on the sellers and worry about buyers later. If you've got a good option period that lets you out for little to no money, what's the big deal if you fail? The seller gets to get out and you can help them again or find someone else.

If it's a good deal, you show it off at a meeting or at on BP, there will be someone who will want it.