Fantastic tips for handling inherited real estate with siblings! What common challenges do you often see in buyout negotiations, and do you have any quick tips for a smoother process? Thanks!
Hey Erica I'm a new real estate investor in the San Antonio area. I'm wondering how I can find cash buyers for wholesaling? I'm going to the SAREIA meetings starting this week and hope to find some cash buyers there. Also am going to reach out to some contacts at UTSA real estate department. Are there cash buyers that work in the whole state or maybe somewhere else you can point me to look? Thanks!
You are going to have to make some calls to them, interview and ensure that they are legit, but my favorite place to find them is on Google. Look up phrases like "sell my home fast", "sell my home for cash", etc. Then contact the ones that are advertising. I believe I have another video on how I prefer to reverse wholesale, when I am wholesaling and how to ask the right questions regarding if they have the capacity to bring on wholesale deals and if they have specific requirements and buying criteria that they can tell you. If they have very general buying criteria like 70% ARV minus repairs, I would put them on a big list and move on to finding a group that is doing 3-4 flips/buy & holds per month at least. They have likely created synergies and can would with a tighter margin depending on the property they tell you to look for.
How about a house being handed down to siblings that might not be in a trust but in a will??? If all parties are agreeable could this still be an easy process? I live out of state from the property. Coming in to this situation in prob 5-7 years with 3 other siblings
@@steveo601 Does the person (or people) that wants to buy the property plan to get a loan or are they asking you to finance your portion? What state is the property located?
@@ericaparker In Scottsdale AZ. It’ll be passed to the 4 of us, 25 percent each, in his will, prob not in a trust. Will prob be worth 1.5m with a 400k mortgage. At least one sibling won’t have the cash. I’m in IN. Thank you for getting back to me!
@@steveo601 While Arizona is a title/escrow state, you will likely want to get a real estate attorney to draft any promissory note and deed of trust needed for the portion that your seller financing. There are some title companies that are backed by a law firm. I would call one of those to do both the title policy and the drafting of the documents if you want to avoid Realtor commissions. If it is $400K left in the loan and worth $1.5M, the remaining siblings can qualify together for a loan to buy you out of your portion. The total refinanced loan would be around $675K and they would own the remaining equity in equal parts. You would have to agree on the value of the property and the lender’s appraisal would need to support the numbers as well.
Fantastic tips for handling inherited real estate with siblings!
What common challenges do you often see in buyout negotiations, and do you have any quick tips for a smoother process?
Thanks!
Hey Erica I'm a new real estate investor in the San Antonio area. I'm wondering how I can find cash buyers for wholesaling? I'm going to the SAREIA meetings starting this week and hope to find some cash buyers there. Also am going to reach out to some contacts at UTSA real estate department. Are there cash buyers that work in the whole state or maybe somewhere else you can point me to look? Thanks!
You are going to have to make some calls to them, interview and ensure that they are legit, but my favorite place to find them is on Google. Look up phrases like "sell my home fast", "sell my home for cash", etc. Then contact the ones that are advertising. I believe I have another video on how I prefer to reverse wholesale, when I am wholesaling and how to ask the right questions regarding if they have the capacity to bring on wholesale deals and if they have specific requirements and buying criteria that they can tell you. If they have very general buying criteria like 70% ARV minus repairs, I would put them on a big list and move on to finding a group that is doing 3-4 flips/buy & holds per month at least. They have likely created synergies and can would with a tighter margin depending on the property they tell you to look for.
How about a house being handed down to siblings that might not be in a trust but in a will??? If all parties are agreeable could this still be an easy process? I live out of state from the property. Coming in to this situation in prob 5-7 years with 3 other siblings
Are you looking to buy them out or be bought out?
@@ericaparker Sorry. Be bought out.
@@steveo601 Does the person (or people) that wants to buy the property plan to get a loan or are they asking you to finance your portion? What state is the property located?
@@ericaparker In Scottsdale AZ. It’ll be passed to the 4 of us, 25 percent each, in his will, prob not in a trust. Will prob be worth 1.5m with a 400k mortgage. At least one sibling won’t have the cash. I’m in IN. Thank you for getting back to me!
@@steveo601 While Arizona is a title/escrow state, you will likely want to get a real estate attorney to draft any promissory note and deed of trust needed for the portion that your seller financing. There are some title companies that are backed by a law firm. I would call one of those to do both the title policy and the drafting of the documents if you want to avoid Realtor commissions. If it is $400K left in the loan and worth $1.5M, the remaining siblings can qualify together for a loan to buy you out of your portion. The total refinanced loan would be around $675K and they would own the remaining equity in equal parts. You would have to agree on the value of the property and the lender’s appraisal would need to support the numbers as well.