Real Estate Investing Mastery Podcast - Episode 16: Deals Gone Bad

Host Introduction

• Host: Joe McCall
• Episode: 16 of the "Deals Gone Bad" series
• Guest: Lisa Even, a full-time real estate investor from Phoenix
• Objective: Discuss a complex real estate deal involving adverse possession and probate

Main Themes

• Learning from Mistakes: Importance of learning from deals that didn't go as planned.
• Resilience in Real Estate: Highlighting investors like Lisa who rebound from difficult deals.

Interactive Segment

• Live Broadcast Platforms: Facebook, YouTube, Periscope, possibly LinkedIn
• Call to Action: Encourage live interaction via comments and subscribing.
• Resource Offer: Notes from the podcast available via text or website.

Guest Introduction: Lisa Even

• Background:
  • In real estate for 6 years
  • Focus on distressed properties and owners (foreclosures, city violations, title issues)
• Getting Started:
  • Transitioned from education after layoff
  • Gained experience through mentorship with other investors
  • Developed expertise in the competitive Phoenix market

Discussion of the Deal

• Type of Deal: Probate with adverse possession complications
• Process of Finding the Deal:
  • Probates are public records in Arizona
  • Identified as a hot lead due to its vacant status and city violations

Steps and Challenges

• Initial Steps:
  • Door-knocking based on probate filings
  • Discovery that initial contact wasn’t a legitimate heir
• Complications:
  • Attempted probate from a non-heir
  • Quit claim attempt invalid
  • Found legitimate heir (grandchild) through extensive research
  • Legal challenge arose from adverse possession claim
• Legal Considerations:
  • Two parties with legal interest: blood relative and previous occupant’s daughter
  • Involvement of attorneys to navigate legal claims
• Deal Outcome:
  • Nine-month process with legal negotiations
  • Property purchased for $65K
  • Wholesaled with a profit of $35K

Lessons Learned

• Legal Knowledge: Importance of understanding legal processes and adverse possession.
• Dealing with Multiple Stakeholders: Challenges in dealing with multiple parties claiming interest.
• Professional Advice: Value of hiring an attorney for legal disputes.
• Negotiation Strategies: Importance of showing the reality of property condition to disputing parties.

Reflection

• Improvement Areas:
  • Better initial research to identify legitimate heirs
  • More aggressive negotiation and clarity with conflicting parties

Conclusion

• Highlight the importance of perseverance and legal knowledge in complex real estate transactions.
• Lisa’s contact for further networking: lisaeven.phonesites.com
• Encouragement to access podcast notes via Joe McCall's resources.