Mike Gibson
Grove, OK Active 5 years, 6 months agoForum Replies Created
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Posts
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Jeff, since your prospective seller is ‘having trouble wrapping his head around the concept’, my experience has been that if I put my proposal in writing — nothing formal — just the basics of how it would work, that might be helpful. That has worked out very good for me. Remember, some people are ‘auditory’ and some people are ‘visual’.
Jackie – My wife and I are not in a position to move to Panama, as we are helping our daughter and son-in-law with our 3 grandkids. I am doing some creative real estate investing, but would like to add an additional stream of income. You mentioned that when people go on the Panama Tour, you give them ideas on creating an extra stream of income. Is there any way that we could talk you to putting those ideas in an ebook — I would pay for it, and I think others would, too — that would give those of us who can’t move to Panama at this time some ideas on how to create that extra stream of income?
Jackie, at least in Oklahoma, a lien has to be filed within 2 years or it’s invalid. Of course, as you know, even if it’s invalid and shows up, it still clouds the title. Have you tried contacting the lien holder to tell them if they do not release it, you will bring a lawsuit against them for damages, attorney fees, etc.? I know you probably don’t want to do that. Would they be willing to say, settle for $1k, if you were willing to pay it?
UPDATE, 3/10, 3:19 CST: Since the last post, I have been able to determine that their are potential heirs that would have a financial interest in this property. The owner passed away in 2004 without a will and, of course, there was no probate. The person that I visited with that I got my most recent information from is a step-daughter. She advised that everyone thought the house in question had long since been disposed of in one way or another. Since there was no probate and no executor/administrator, there is no one that can sign a Warranty Deed or Option or any other type of legal document in which I could gain an interest in the property If this went to tax sale in June, the excess proceeds would only be available to the person on the Warranty Deed who, of course, is deceased. It appears at this point that a Quiet Title action, at some point, is inevitable. I would not mind paying the taxes on the property to keep it from going to tax sale, but in Oklahoma, that does not give me a right to any interest in the property. Any thoughts, ideas?
UPDATE: The owner passed away in 2014. Haven’t been able to find out where she passed away so I can check court records for a probate filing and possible heirs/executors.
From what I have been able to determine, there are no heirs listed in ‘BeenVerified.com’ and several other websites that I’ve checked. RealPeopleSearch.com showed a possible ‘Associate’. I don’t know what that means. I called her and left a message.
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Jackie, I’m sorry you had to cancel the Extreme Success Retreat. I know you put a lot of blood, sweat, tears, as well as time and effort, into getting it organized. I am looking forward, however, to the expanded coaching calls. On a side note, would there be any way to have a small, private event limited to maybe 8-12 people where we could get together for a few days with you (if there are local accommodations available) and have some mastermind sessions within the group, and fellowship time, of course?
Rich, I understand what you’re saying, but here’s a deal that I did just last month:
Bought an older park-owned mobile home for $1K. (The park didn’t want to own mobiles any longer…just wanted to rent the spaces.) Advertised it for sale for $8K with highest bidder sale for the down payment. Buyers came out of the woodwork! Told winning bidder that he had to get approval from park…in other words, the park did the background check; not me. Buyer was approved by the park. I got $5K down and financed the balance at $300/month. At the most, I had 2 hours in this deal…or $3.5K/hour. I’ll take that any day! As Don said, I’ll never pass up a good deal!
Don, you probably already know this, but I did I Google search and this is what showed up: “Net LIsting. An arrangement in which a property owner pays the listing real estate agent all purchase price proceeds over and above a minimum figure required by the owner.”
And here’s another definition: “A listing based on the net price the seller will receive if the property is sold. Under a net listing the broker can offer the property for sale at the highest price obtainable to increase the commission. This type of listing is illegal in many states.”
Dee gave you some GREAT advice. I would only make one suggestion. When he said, “A final thought. Lots of furniture, when all else fails, gets set out on the curb (if the weather forecast is promising) and disappears very quickly,” I would suggest setting it out by the curb, but instead of putting a sign that says FREE, put a price on it and someone will STEAL it! LOL!
Ayesha, I worked in the court system for 42 years. My experience is that if there was a good real estate deal, it was siphoned off quickly by the attorney himself, one of his ‘partners’, or one of his real estate agent buddies was given a ‘heads-up’ so as to try to get the listing. However, I’m not saying that there are not good probate deals…because many RE investors use that as their primary source of leads.
Alberties, here is an answer that Jackie Lange gave when I posted a similar question:
“First of all, it has been my experience that expired listings are rarely a good opportunity. They usually did not sell because it was priced wrong.
But there is another way to accomplish what you want to do without getting a list from a real estate agent. Go to Zillow and do a search for how many days the property has been on the market. If close to 180 days, the listing is about to expire so it is a good time to send out a postcard that says “are you frustrated with trying to sell your house, contact me for a FAST solution – learn how you can sell your house in 9 days” This works especially well if the house is vacant. Check out the photos of the house to see if it appears vacant.
Note on zillow, you can also search rentals by days on market. This could be an opportunity to get a master lease or even buy the house if it has been for sitting vacant for a long time. A vacant house owner is the most motivated seller of all.
But an expired listing is not necessarily motivated, they are usually stuck on a price that is too high. You could offer to pay their price if they they give you really great terms like no money down and low low payments. Then they at least have bragging rights that they got their price. The price is not as important as the terms.”
Carolyn, I would be shocked to discover that there is any requirement to disclose that you personally own the property. However, I can’t see that there would be any harm in doing so. Anything that you own or have the right to buy, you have the right to sell. And, no, I know of no state (who knows about California, however, LOL) that requires you to have a real estate license to sell a property that you own.
