I am new to this discussion forum…I have been investing for about 4 years…mostly locally in my own town and nearby counties.
I belong to tim randles quickoffers.com website…which I highly recommend for the wonderful leads delivered to my inbox each day…I have a question, when my leads are local…no prob…I know where the property is and what the location is like etc…
but when the lead is in another city of my state then I am left to the mercy of what the seller tells me about the property, area etc…
How do the seasoned pros handle long distance deals… locally i am able to check liens at the courthouse etc…but long distance i do not even know how to find the internet sites for the courthouses. HELP
ps…another thing that i noticed…when I overnight the paperwork for a subject to transaction…I have had people take them to attorneys and then the whole deal is killed dead in its tracks…any suggestions regarding this issue?? :banghead
any and all advice appreciated!!
elisa (investorgal)
florida
They are the easiest to loose. Some times the sellers are just using their atty as a scapegoat and really never even talk to them. Hard to say. If they are about to loose their house in foreclosure or divorce and are really motovated the attorneys are giving bad advice. I contaced several attys re my foreclosure posting and one told me I had a good run at dodging the bank so far and to start looking for another home. I did not hire him. The best way to remove the objection is face to face like several of the club members here have suggested. Don’t be too pushy but get them to sign the contract or if they have no equity just have them sign the deed to you.
As far as long distance you need to look at the house and area etc before buying unless it is free. You can talk to Realtors in the area that may help with leasing the property after you buy it. I am having the same problem now and have decided to let the current owner of the property put up the rehab money and give her half the profit when we sell. A no loose deal for me since I would have to borrow $150,000 to rehab the building and the payments at 15 % would be too much to handle if it did not lease in 6 months.
Hope I helped a little. Hope you get more input from others too.
Thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737
Elisa,
I assume we’re talking about cash deals in regards to the long distance question and not keepers? If so, I’d suggest finding someone local to help you work the deal. You could give them a piece of the pie or a fee for their help.
If not, I’d certainly recommend reconsidering. I have some keepers that are an hour away and I sure wish I didn’t. I was able to go view them prior to purchase, but they’re still a pain. I definitely wouldn’t want keepers farther than that.
As far as the attorney issue, it’s rare that the topic even comes up if the transaction is presently properly. When it does, you can offer to accompany them to the attorney’s office or have a conference call or whatever. This objection is so rare in my world that it leaves me wondering what you’re doing differently to cause it to come up.
Why are you spending the time and money to overnight a contract without agreement on the terms? Sorry, but I guess I don’t understand exactly what you’re doing.
I’d like to suggest to you that you take Tim’s great advice even further. If you are finding a lot of deals in a different state (or even county) that you are not familiar with, try locating a local real estate investment club and see if you can find a trustworthy bird dog who could check out things for you and in return if you find it’s a good deal, give a kick back to the bird dog. A local “investor friendly” realtor also could be a good resource. Hope this helps.
p.s. If you find a deal in Baltimore or surrounding area, let me know I own 10 properties and would be happy to guide you towards a good deal :mrgreen: or away from a bad one! :hammer
This is my first post here but stop in and lerk hear now and again.
The advice given is sound and I agree. I just had a call last week from a guy about 1-1.5 hr away owed 123k on a 160k house. While on the phone he agreed to “sub to”, A little to far for me so assigned it. not the ideal way to go with 37k equity but hay a bird in the hand is better then two in the bush.
here is a national assessor link page it might help help you out