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Updated almost 10 years ago, 12/31/2014
I'm a newbie and I'm stepping out as an action man towards my first deal HELP!!!
Hi everyone,
So I'm new, but motivated. Today I have set up an appointment to look at a property that is zoned for 4 units. I am an architect with experience and my forte is: I can design well with small spaces (I'm originally from UK). I say this because the property I am about to go and view is on a piece of land that is smaller than the norm, so it will not be so attractive to developers here as they are use to building such units on bigger or the correctly zoned sized land.
I have little money at this time as it is tied up in the properties I own + I am not in full time employment (no cash flow right now to release), but I have the foresight to make this land be worth more than what it is, by using my architectural skills.
So where I need help is on how to secure the seller's confidence by achieving a conditional offer, subject-to doing my due dilligence with little money down (i.e. $1,000)?
I want to package this deal to possibly sell on to a builder with full permits in place (which will greatly increase the land price after an apraisal of the property with approved permit to build 4 units.
Can anyone give me any ideas to bridge the first stage, which is to secure the deal? Do I share my plan with the realtor? I do not have my own realtor, so it would be the seller's realtor. Maybe I can suggest that the realtor can be tied in to sell the future units if they help make this deal work?
The advantage I have here is that I bought a similar piece of land when I first came to Canada when I moved from the UK, but the difference is that it was mine. I did eventually develop it and built 4 units and sold 2 and kept 2 for rental purposes; so I have an example of what I can do, which I could show and possibly gain the realtor's confidence.
Sorry, I've said much, but I want to give you a good picture of where I am at with this plan, so you can best share your experience as to the best way to secure this deal. Obviously I will do due dilligence during my feasibility study, whether its worth tying myself in.
Thanks in advance
Kelvin.