LandInvestors.com Forums $10K a Month for Life; Cash Flow From Land Chapter 8 – Cash Flow From Land Deed is in Deceased Grandfather's Name, Grandmother Still Alive, Looking to Sell

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    Chris C
    Participant
    Post count: 50

    Hello, Land Academy family!

    I have a question regarding a deceased person’s name on the deed.

    I was contacted by a woman trying to sell some lots for her grandmother.
    The deeds are in her grandfather’s name, and the grandfather is deceased. The grandmother is still alive, and looking to get rid of these lots.

    Does anyone know what specific actions or paperwork would be needed for this type of situation?
    The situation being that the deed is in the grandfather’s name, but he is deceased, and the grandmother is still alive and looking to sell.

    And that being said, would it be worth the effort? Or should I pass on this deal?
    The granddaughter says the land is appraised at $1,800 per lot, and they are willing to take $1,000 per.

    Thanks!

Viewing 5 replies - 16 through 20 (of 20 total)
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  • Luke Smith
    Moderator
    Post count: 1263
    ProAdvanced

    Been researching this topic a lot and thinking about it a lot as I now have a list of property I could close on tomorrow if I have a method set up to do it.

    I am thinking that the whole court referee method is the proper way and the right way advertised by the people who want to be squeaky clean legally. It is just too cumbersome to close purchases quick and adds on some stupid fees I don’t want to pay as well as paperwork I don’t want to figure out.

    Some old business advice from my dad was if you let the lawyers chime into every aspect of your business you wont have a business for very long.

    If I am willing to loose the money I pay for these properties and am willing to guarantee the buyers I will buy it back from them if they have problems weather I tell them or not opens me up to being able to swing at the dead people properties in a more liberal manor.

    Check this example out:
    General Affidavit

    You can buy this form here

    It is a general affidavit. Type in there the persons story of who they are to the person the title is named and how they knew them really well for a very long time. Say they are the sole benefactor and are signing under penalty of perjury to that affect. Add death certificate(s) and have it all notarized along with the deed by the mobile notary.

    They would not have an official date of death valuation on the property that the official process comes up with for the IRS to base taxes on. I don’t really care. The people selling probably don’t care either because that problem has long passed.

    Anybody have some holes to shot through this idea? I would love to hear them.

    Ben H
    Participant
    Post count: 77
    Pro

    @luketsmith

    Now that another couple of months have passed, have you had any success buying parcels where the deed is in the deceased’s name. I haven’t crunched the numbers yet but from my 1st two mailers so far, conservatively 70% are what my wife calls “ghost deeds” – land owned by the dead. On my 1st mailer to New Mexico, I figured that maybe I priced too low and the people holding deeds in the name of a dearly departed are the most motivated to dispose of the land. I’m now getting responses from my 2nd mailer (California), which I think I priced more appropriately, but seeing a similar pattern so far. I’m contemplating hiring a Medium but I’m doubtful that I can find a notary to travel to The Beyond to close a deal.

    Luke Smith
    Moderator
    Post count: 1263
    ProAdvanced

    @bhughes

    Nice puns in there!

    We call then Zombie houses in Detroit. Trying to buy up the whole block to fix it up and rent it out we run into lots of those. Can’t find an owner. Dead or long gone and the squatter just pays the taxes until they find a better one to squat in. Some of them actually maintain the houses like they are their own. No rent, no insurance, just taxes and utilities. Pretty sweet deal if you can find it and have the nerve to move in. Should try land lording them out for better yields!

    For the vacant land business I have not done it yet but I did just get a lead on a portfolio of property in HI the lady can’t pay the tax on. It is in her dead parents name. She wants land like I have for sale in CA. Cash and land or some kind of barter where I take the HI land through probate looks like it is in the wind.

    Not sure it is worth the time let alone the money. My buy list is growing. I got deals set to buy constantly for the next couple of months. As I have the money from sales basically.

    Don’t need more. Trying to polish up my option sales pitch to sellers!

    Ben H
    Participant
    Post count: 77
    Pro

    @luketsmith

    Good deal – thanks for the update. Just hard to pass up the deals when you look up the property and it has “The 4 A’s”, but, like you said, probably not worth the effort.

    Thanks again, Ben

    Luke Smith
    Moderator
    Post count: 1263
    ProAdvanced

    I know what it cost and I think I know how much time it takes in the core area I am working. That money could go into multiple other deal in that kind of time to make so much more.

    Still think there is a contract kind of solution. Get a contract with the ones who think they own it. Get a contract with someone who wants to make payments over time. Put money aside to pay for the probate or cook it into the contract. 99 year deal at $50 a month or to own it pay 5K.

    Something like that where the contract covers it. Collect the $ and send some to the so called owners. Keep the taxes up. Go long term on the dead peoples name and tax rate. You could even record the contract.

Viewing 5 replies - 16 through 20 (of 20 total)

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