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Author Topic: Found 2 Abandoned Properties but I don't have contracts or earnest yet  (Read 778 times)

Offline AuthorDaddy

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  • Posts: 4
Found two abandoned properties in Portland, OR. One appears to have changed hands through death certificate but the person it changed hands to is also listed as deceased. The other property belongs to a 73 year old woman and her husband, but neither live there. Both properties are boarded up. I've tried to contact 3 real estate attorneys to get contracts drawn up that comply with Oregon laws and still waiting on funds from a restitution lawsuit so I'll have earnest money. Going a little bonkers here, because I want to move on these properties but my hands are a little tied at the moment. Any suggestion?

Offline Randoskie

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Re: Found 2 Abandoned Properties but I don't have contracts or earnest yet
« Reply #1 on: February 27, 2019, 10:25:26 am »
I've done a few of these. First you gotta contact the owners and negotiate a low price.
Then if you contact me thru private message I can email you the contracts I use.
I got my contracts from a book called "Real Estate on Steroids" by Jackie Lange
Then you can stop making excuses about attorney's and waiting on a lawsuit payday and going bonkers and yada yada and take action.

Offline Alex Capp

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  • Posts: 75
    • Brotherly Love Real Estate
It can be super frustrating waiting for people like attorneys to get back to you. Unfortunately many people are not as reliable as we hope! I would keep calling more of them - google real estate attorneys in your area and call the first 25 that come up - seems tedious but you'll get one that will be able to help you and get you to that next step!

I did this with lenders trying to find a bank that would lend on a unique property we bought last year - 3 unit multi - but 2 of the units are commercial. Was tough to find a lender that would lend on it but we found one finally!
Brotherly Love Real Estate
We Buy Houses in Philadelphia. BLRE was started by two childhood friends with a dream of flipping houses!

Offline SteveKay

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  • Posts: 77
    • We buy houses New Orleans
Good on you for taking action and trying to get your contracts and earnest money lined up. You are getting a little ahead of yourself though. Finding vacant properties is the top of your funnel and you will need to find a lot more to move to the next stage of your funnel which would be actually getting an owner of one of those properties to talk to you. With only 2 properties is very likely you will never speak to an owner and will have no need for a contract or earnest money. You should keep looking and get 100 properties, then figure out how you are going to get someone to speak to you (i.e. What marketing will you do). Are you going to mail them, call them, text them, etc. One you start that you will start to actually speak to people and figure out how motivated that are. Your next phase of the funnel is to make an offer and again only a percentage of people you are speaking to will accept your offer. It is at this point that you will need contracts and earnest money.

Once again good on you for taking action but keep taking action to feed your funnel as if you counting on making a deal from those 2 houses it is likely that you will be unsuccessful and become discouraged. It is a numbers game, keep feeding your funnel.
New Orleans Investor
https://homebuyerlouisiana.com

 




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