All Forum Posts by: Anthony Minutoli

Good Morning Bigger Pockets Family and Happy June 1st ! ,

A few months back I was in the process of purchasing a land note from a owner on the note. Long story short, the note deal never went through as planned. No assignment papers were sent to me via the sellers title company, nor was the seller responsive. When I let the seller know it has been too long since we first spoke , I am no longer interested in the purchase. The seller sent me the property contract for the current owners of the land, and I signed off on reading it but nothing was assigned. This is the outline for the contract that was signed:

I, "SELLER", of BLANK Financial (the seller) am the owner of the property located in Pend Oreille County (assessors parcel number: BLANK).

Said property is being sold via contract (the contract) to BLANK (the borrower) with a closing date that has yet to be determined. The value of the contract at closing is to be $45,000 as outlined in the attached agreement.

This document is a separate agreement between the seller and Anthony Michael Minutoli-ME (the buyer). The seller will be assigning his interest in the contract for $40,000 to be paid by the buyer at closing simultaneously with the closing of the property.

Since the closing was never assigned and after a month of trying to reach the seller they let me know all business between them and I is done , WHAT AM I HELD RESPONSIBLE for at this point, and what actions should I start to take? Any advice would be helpful from this point forward because the seller still will not respond . Thank you in advance for any responses.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $175,000
Cash invested: $172,000

College Rental

What made you interested in investing in this type of deal?

Spokane , WA and the growing population.

How did you find this deal and how did you negotiate it?

MLS, negotiated by myself.

How did you finance this deal?

CASH PURCHASE

How did you add value to the deal?

Light Remodel / Raise Rents

What was the outcome?

Rents Raised

Lessons learned? Challenges?

COVID 19 and the restrictions have made the buying process a little lengthy as well as getting a contractor to schedule times around the tenant because of the covid restrictions .

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

2 Agents, did not do much. Would not recommend them, good luck as well finding a decent trustworthy agent in the city of Spokane.

Good Morning Bigger Pockets Family and Happy June 1st ! ,

A few months back I was in the process of purchasing a land note from a owner on the note. Long story short, the note deal never went through as planned. No assignment papers were sent to me via the sellers title company, nor was the seller responsive. When I let the seller know it has been too long since we first spoke , I am no longer interested in the purchase. The seller sent me the property contract for the current owners of the land, and I signed off on reading it but nothing was assigned. This is the outline for the contract that was signed:

I, "SELLER", of BLANK Financial (the seller) am the owner of the property located in Pend Oreille County (assessors parcel number: BLANK).

Said property is being sold via contract (the contract) to BLANK (the borrower) with a closing date that has yet to be determined. The value of the contract at closing is to be $45,000 as outlined in the attached agreement.

This document is a separate agreement between the seller and Anthony Michael Minutoli-ME (the buyer). The seller will be assigning his interest in the contract for $40,000 to be paid by the buyer at closing simultaneously with the closing of the property.

Since the closing was never assigned and after a month of trying to reach the seller they let me know all business between them and I is done , WHAT AM I HELD RESPONSIBLE for at this point, and what actions should I start to take? Any advice would be helpful from this point forward because the seller still will not respond . Thank you in advance for any responses.

Good Morning Bigger Pockets Family and Happy June 1st ! ,

A few months back I was in the process of purchasing a land note from a owner on the note. Long story short, the note deal never went through as planned. No assignment papers were sent to me via the sellers title company, nor was the seller responsive. When I let the seller know it has been too long since we first spoke , I am no longer interested in the purchase. The seller sent me the property contract for the current owners of the land, and I signed off on reading it but nothing was assigned. This is the outline for the contract that was signed:

I, "SELLER", of BLANK Financial (the seller) am the owner of the property located in Pend Oreille County (assessors parcel number: BLANK).

Said property is being sold via contract (the contract) to BLANK (the borrower) with a closing date that has yet to be determined. The value of the contract at closing is to be $45,000 as outlined in the attached agreement.

This document is a separate agreement between the seller and Anthony Michael Minutoli-ME (the buyer). The seller will be assigning his interest in the contract for $40,000 to be paid by the buyer at closing simultaneously with the closing of the property.

Since the closing was never assigned and after a month of trying to reach the seller they let me know all business between them and I is done , WHAT AM I HELD RESPONSIBLE for at this point, and what actions should I start to take? Any advice would be helpful from this point forward because the seller still will not respond . Thank you in advance for any responses.

Good Morning Bigger Pockets Family  and Happy June 1st ! ,

A few months back I was in the process of purchasing a land note from a owner on the note. Long story short, the note deal never went through as planned. No assignment papers were sent to me via the sellers title company, nor was the seller responsive. When I let the seller know it has been too long since we first spoke , I am no longer interested in the purchase. The seller sent me the property contract for the current owners of the land, and I signed off on reading it but nothing was assigned. This is the outline for the contract that was signed:

I, "SELLER", of BLANK Financial (the seller) am the owner of the property located in Pend Oreille County (assessors parcel number: BLANK).

Said property is being sold via contract (the contract) to BLANK (the borrower) with a closing date that has yet to be determined. The value of the contract at closing is to be $45,000 as outlined in the attached agreement.

This document is a separate agreement between the seller and Anthony Michael Minutoli-ME (the buyer). The seller will be assigning his interest in the contract for $40,000 to be paid by the buyer at closing simultaneously with the closing of the property.

Since the closing was never assigned and after a month of trying to reach the seller they let me know all business between them and I is done , WHAT AM I HELD RESPONSIBLE for at this point, and what actions should I start to take? Any advice would be helpful from this point forward because the seller still will not respond . Thank you in advance for any responses.

@ don konipol @Jay Hinrichs , @Sharon Wu First off thank you for the amazing info. I would be utilizing my own capital to fund the note not borrowing. The current owners seem to have laid a slab to build a forever home for themselves and plan on building soon. I am have been looking for land in the same area to build as well so I figured if anything went south I would also have the upper hand. I also could be getting way head over heels just because I thought I found a note I could actually acquire ( something that has been quite challenging, even though I would not be borrowing ). What do you feel would be an adequate price for a loan like this. The paid off $15,000 through lease options and originally paid $60,000 during closing . Ends up to be around $116,000 after all said and done if they were to ride out the loan. Considering they are building there own home does that typically speed up the payoff amount because they would be refinancing most likely at that point? So many questions I know but might as well utilize Bigger Pockets for this great conversation.

Anthony Minutoli

Thank you folks for the responses in a timely manner! @Chad U. Great feedback, are you experienced in this field? Do you have any NOTES in FL at the moment. @Joe Schmitt Amazing feedback. The lot is valued at $55,000 and yes I signed the copy of deed of trust recorded yesterday. The owners of the land are planning on building on it by haven't yet. Thank you @Andy Mirza, I am on the market for vacant land as well so this would be right up my alley if things went wayside. It is being sold to me from an investor that is liquidating in the state of WA and relocating to TN. The land is zoned for residential and the owners plan on building, its approximately 7 acres with no home site yet. Well on property with permit to drill, as well as electricity hooked to the street. Thank you @cody cox, what are you referring to as the paper? Can I use this NOTE to show income received and utilize that income towards another property? Thank you @jay Hinrichs  for the input, I sent you a message regarding the NOTES details. Maybe you can look it over and give me your thought? Maybe? 🤔 Thanks again everyone, I appreciate the BIGGER POCKETS community more and more everyday! Have a great weekend!

Good Evening Bigger Pockets Family, 

As I continue my venture deeper into the real estate realm.... I stumbled upon notes. Ran the numbers, and they are making more sense than some of these BRRRR deals and or Fix/Flips. One I currently came across is a NOTE deal that involves 7 acres of Land in Eastern Washington. I came across little information on Note investing and when you do it is vague. I saw a lot of information on NOTES tied to single family homes, apartments, and duplexes but none that have NOTES with LAND as collateral. The property is residential and would be great spot to build a forever home, but there is no permanent structure attached . Is there any difference between buying a PERFORMING NOTE with LAND attached instead of a PERFORMING NOTE with single family home, duplex, apartment , etc... attached? Any help, information or feedback would be appreciated. If you are experienced in this field even better. Thank you and have a good night.

Anthony Minutoli

Thanks for the response Sonya, I will look into that ASAP. 

David, 

That was great information, and it packed a punch. I took a while to digest your answer and I appreciate how in depth you went. So if I didn't want to lend on my own do you know of syndications or groups that would specialize in this field is that even a thing? Say if the collateral is THE home purchased at $300,000, THE home is already under contract. Collateral would be THE home valued at a $300,000 correct? ARV would be at $400,000, the borrower would be asking for $40,000 at 12% or higher and if he/she failed to pay the home under contract would be mine? At least that's what my thoughts were, that's why I asked. But thank you again and if you have any more information on the topic I am all ears over here. Thank you again.

Anthony Minutoli