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Buying A Probate House With Private Money
Jay shares one of his latest real estate deals.Four months ago, the seller came from a Facebook Ad. They filled out a form. Jay’s Acquisitionist called the seller and asked some questions to see if they were a fit.
The Numbers: $180,000 after repair value
Payoff: $78,000
Five months behind on payments. Will they go Subject To?
No. They decided to use Private Money.
Jay and his team check the house, which is vacant. The house is a mess as the living room has a shower and a bed. It will need $30k in repairs.Four months ago, Jay sent a contract within a few days. Contract is signed in a couple days. Their attorney starts a title search. The owner passes away.
Over $20,000 in claims are made against the estate. The deal doesn’t look good
24 hours ago, the daughter says she is ready to sell and has clearance to sell.
Speed makes deals work.
Make sure to have the critical relationships in place.
1) Have a good Realtor
2) Real Estate Attorney
3) Contractor relationship
4) Private Money lender
5) Team
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