I bought this house flip in January from a wholesaler. The house was supposed to be vacant when I bought it but I made a mistake and did not check to make sure before buying it. When I went to check on the house after buying it we found the seller who sold the house to the wholesaler still living in the home.
The way some wholesale deals work is the owner sells to the wholesaler and the same day or very soon after the wholesaler buys it, the wholesaler sells it to another investor who would be me. Technically I bought from the wholesaler and he did not make sure the owner was out either.
I talk more about what I did wrong in this video from before the eviction. • How I Screwed Up Buyin...
The wholesaler said he would get the guy out but never did so we had to go through the eviction process. I plan to send a bill to the wholesaler for my costs and we will see if he pays it or not since it was his responsibility to deliver a vacant house.
In Colorado, it takes 4 to 8 weeks to complete an eviction. We had our attorney start the process and when they posted notices the occupant called the attorney and said he would be out in a few weeks if we gave him more time. He would never respond to me when I tried to contact him.
The attorney strongly suggested we give him more time, and we gave him two weeks but he made absolutely no effort to move. We proceeded with the eviction and this was it. We have one hour to move all of his stuff outside. We are supposed to bring at least ten guys to do it and the sheriff sends a deputy or two to make sure there are no problems and oversee it all.
We thought he was still living in the home still but there was no sign of him. He may have left with just a few things or not been home when we did the eviction. The deputies were really worried that he had killed himself and they would find him in the house somewhere. Luckily that was not the case!
After 24 hours we can get rid of all his stuff. We are allowed to put it in a dumpster our front that way we are not moving it twice. We went back to the house a day later and it did not look like he had taken anything so he might have left with a few things.
We will have more videos as the house moves along.
Here is a video on wholesalers: • How to Make Money Whol...
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Mark Ferguson’s purpose is to help as many people as he can become financially free through real estate.
Mark has been a real estate investor and real estate agent since 2001, after graduating from the University of Colorado. Mark has flipped over 180 houses and routinely flips 20 to 30 houses a year. Mark owns 20 rentals properties as well including a 68,000 square foot strip mall. Mark is the managing broker and owner of Blue Steel Real Estate. Mark is also a member of the Forbes Real Estate Council.
Mark started InvestFourMore in March of 2013 to discuss his rental property investing techniques. Mark expanded InvestFourMore to talk about his flipping business and real estate agent business. InvestFourMore now has 300,000 views a month and is one of the top real estate blogs.
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7 июл 2024
