Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Tracy R.

Tracy R. has started 7 posts and replied 59 times.

Post: Probate question in state of Virginia

Tracy R.
Posted
  • Investor
  • Marietta, GA
  • Posts 62
  • Votes 23

Not sure if probate procedures are the same for every state, but I could use some advice for the state of Virginia from any probate lawyers out there - or anyone w experience in probate in VA.

Background:

I found an abandoned property I want to buy in a small town in SW Virginia, but the situation seems to be a tangled mess.  I found out that the owner died a few years ago, but I tracked down her daughter and she is open to selling it to me.  There are also 2 brothers, one who she is close to, and also seems to be on board with this.  The other one they are both estranged from (not sure how that plays into it).  

The mother died without a will and the daughter had so many other issues at the time that she just couldn't deal with it, she is relatively young and drugs were involved w her mother's death, so there are a lot of issues here.  After her mother died, she tried to go to the local courthouse to see what to do about the probate process, but couldn't get anywhere.  I'm getting all this second-hand now, but she says she was told that she needed to pay $65 to start the process, and she had 6 months to do it, but she didn't have the money, so she didn't do anything.  She says there's a local lawyer there who now has all the files, but when she's asked for them, nothing has ever been produced.  Then life got in the way and she just gave up.  

Now that I've come on the scene, I told her that I would try to help her untangle it towards our mutual goal of her getting some closure w the property, and me buying it from her.  So I called the attorney who has the files to see if he has been given executor status and was told:

1. it's an old case

2. he does not have the authority to sell the property

Then I called the courthouse to see who is the administrator over the estate, and was told that they have no record of the mother's death!  Also, I'm pretty sure from the online records that the taxes are up to date, but I'm not sure who is paying them, since it's not the daughter.  The probate office said the daughter needs to make an appt with the deputy clerk for probate, and bring the mother's death certificate.  The daughter does have her mother's death certificate, so she is working on trying to set up an appt with the probate office now.

my questions:  

Is there a statute of limitations on opening probate?  (it's been about 2 years since she died).  It seems like after 6 months they turned everything over to a lawyer and there it's sat in his files all this time.  

If there is a limit on time to open probate, but they don't even have a record of the mother's death, then does the clock start ticking when the death certificate is produced?

If the daughter is talking to the right people at the courthouse, is that enough, or does she need to have an attorney help her through this process?

I've told her I will help her with any legal fees as long as I can have assurance that she will sell the property to me once everything is cleared up.  But I'm not sure at what point that could happen, and I don't want to start paying lawyers and then have it blow up and me not get the property in the end, so how can I protect myself while still helping her?

I know probate situations can be messy, thanks for any feedback/advice any lawyers out there can give, or anyone else familiar with the process in Virginia.

Post: Smyrna, GA Flip & Profit Analysis - New investors Read to Learn

Tracy R.
Posted
  • Investor
  • Marietta, GA
  • Posts 62
  • Votes 23

Hey @Alex Babayev what a great recap (along with key learning points) you gave here.  Thanks very much for sharing and being so open with everything.  

Post: Newbie from Marietta, Georgia

Tracy R.
Posted
  • Investor
  • Marietta, GA
  • Posts 62
  • Votes 23

Hey @Malik McQuaige, you should check out this meet-up group, it's the last Tues of every month, so there's one tonight!

There are all levels of folks at this meetup that @Jered Sturm hosts, from total newbies to very experienced real estate people who've been in the business a long time.  There's a great presentation at the start, and them time for networking after that.  

I won't be able to make it tonight, but I hope you can.  Good luck!

https://www.biggerpockets.com/forums/521/topics/39...

Post: Newbie in ATL: Wondering about Fortune Builders

Tracy R.
Posted
  • Investor
  • Marietta, GA
  • Posts 62
  • Votes 23

Hi @Jamie Foster, I don't have any experience with FB myself, but I do have second-hand knowledge of a friend who did the whole thing, paid the $40K, etc, hoping it would help her make money after she retired.  Here are as much as I know about the results of that, which aren't positive: 

Her first flip last year, she bought off the MLS (in Charleston, SC) for $200K. She was told by her contractor that it would take 3 months to rehab. It ended up taking 9 months. I don't know what the budget was, (but it was a smaller ranch, so it couldn't have been too high). She did reveal that she sold it for about $380K. Her profit, after all the budget overruns, holding costs, etc? a measly $3,300. That was terrible, considering what she bought at and what she sold at, and the fact that it was a smaller ranch. FB may have told her a few things, but they didn't tell her how to keep control of her costs, find a good contractor, manage the process, etc.

So don't think that just because they seem authentic, you should pay all that money. They obviously didn't tell her everything she needed to know to make money! As others have said here, you can get the info you need by going to local REI mtgs.

Hope that helps!

Post: I'm an Atlanta newbie looking to get involved

Tracy R.
Posted
  • Investor
  • Marietta, GA
  • Posts 62
  • Votes 23

Welcome, @Robert Smith!   @Jered Sturm also hosts a great REI meeting the last Tues of the month. You should come to this if you can - lots of great people attend, from total newbies, to seasoned investors who are really "in the game" and have a ton of knowledge they are willing to share. Jered has a great format too, first an educational presentation (no selling) and then plenty of time for genuine networking after that. Here's the link for the next one on 1/30:

https://www.biggerpockets.com/forums/521/topics/39...

hope to see you there!

Post: Looking to see how I should plan!

Tracy R.
Posted
  • Investor
  • Marietta, GA
  • Posts 62
  • Votes 23
Hey Dylan,

Not sure whether you'll be in Charleston on these dates, but there are actually 2 networking events coming up soon in the area: 

https://www.biggerpockets.com/forums/521-events-an...

I'm actually going to be out of town for both of them, but maybe you and your wife can make it.  Sounds like you're getting some great advice from others here on BP.  @Troy Gandee arranges quarterly networking events, you should check him out and connect.  He's doing the one in the Charleston area in July.  All the best to you!

Post: Monthly Northern Atlanta Real Estate Meet Up/Mastermind.

Tracy R.
Posted
  • Investor
  • Marietta, GA
  • Posts 62
  • Votes 23

@JeredSturm, thanks so much for arranging this!  I will be in town on 6/27, so I plan to be there at 2 Ravinia Dr, Suite 105.  Looking forward to meeting everyone who can attend...

Post: Monthly Northern Atlanta Real Estate Meet Up/Mastermind.

Tracy R.
Posted
  • Investor
  • Marietta, GA
  • Posts 62
  • Votes 23

Hi Jered,  I don't live in Atlanta yet, but I come here a lot for business and am looking to move here within the next year.  I don't think I can make the meet up on 5/30, but  I may make the one on 6/27.  So please count me in to future invites!  Thanks for organizing, looking forward to meeting everyone...

Post: Charleston Real Estate Investor's Networking HAPPY HOUR! 3/24/17

Tracy R.
Posted
  • Investor
  • Marietta, GA
  • Posts 62
  • Votes 23

Hi Troy,  I'd like to come, so please count me in. thanks for arranging/hosting.   Also, just wanted to confirm to you that I do have a keyword alert set up, and it worked, so you're good there too!  Looking forward to meeting everyone who comes out!  ~Tracy