All Forum Posts by: Grace B.

Does anyone have experience buying Land /Real Estate from foreign owners (sellers) ? would you share logistic experience in seller getting notary as well as you pay foreign currency ?

I have an opportunity to buy a 4 acre parcel. The owner has two parcels, one is the vacant parcel and the other is his own house with 5 acres, next to each other. After title search, the 4 acre lot and the house (40 yrs old below average condition) both are under a re-financed mortgage the owner took out 10 years ago of $335,000. The house is on the market selling for $325,000 by a realtor in Jan 20. Based on the amortization table, the mortgage balance would be $286,000 by now. 

I offered $5000 for the 4 acres, before the knowledge of the mortgage lien. The estimate for the current (before virus) market (with clean title, of course ) was $18000. But now, with the mortgage lien, I will  need to hold till the house is sold and pay off the mortgage. That could be 1 yr or more. In the mean time, the market could deteriorate more. At some point if price drop so much that the owner may let the house go to foreclosure too. (worst case)

Should I buy the parcel and take the risk? 

Should I offer less ($2500 -$3000 )  and take the risk? 

I am offering owner financing to my tenant/buyer. Is it wise to add the tenant/buyer to my policy and keep it ? is it too much liability?

Thanks for all your advice!

Our family has rental properties,  we are selling this rental property to the tenant.  This weekend we signed a draft with tenant/buyer that we agreed to sell at $290,000, $20,000 down, 8.25%, 30 yrs amort, 5 yrs balloon. Tenant has been renting for 1 yr now and has been paying rent on time, kept house in good condition (I am lucky). The new monthly will be a little less than current rent. They are aware we will sell the note. 

The tenant/buyer are a couple, the husband has credit score of 680 (accordingly, the tenant will provide me a 1003 loan application form filled) We have not sign any formal document (promissory note, deed etc) yet. I am looking for 1. advice of put together the contract and supporting document in preparation of selling the note before or after  closing the transaction 2. find a note buyer, property is 10 miles east of Downtown Dallas off I-30.  

In addition, we (my family) have a few questions: 

1. Do we need to transfer title to the tenant at closing? or is it better to do Lease Purchase for the time being till we have a suitable note buyer?   The property is in Texas. 

2. If tenant/buyer do buy title insurance, should title company leaves it open till we find a suitable note buyer so tenant/buyers don't pay twice? in two transactions?  

3. Which of the two,  5 yr balloon or 10 yr balloon is preferred?( with no pre-pay penalty) when selling notes.

Anything else do we need to be aware of during this time, going into the closing?

You are so right!   Good advice.   I am more motivated by a coach. I pay coach and I work harder because it's a focused return of investment of my time, energy and effort. 

On the other hand, my regional director encouraged me to take that higher grade job.  Stay there for 12 months and then transfer back.  Now he may be disappointed I didn't take his advice. The new job offers higher salary ($10,000) but it requires me to move to Washington DC. Relocation is really costly for my concentration and energy (even though I am single, mobile), not just financially. The hard part now is to say No to the job offer and let go of the ego of a higher pay job! 

I plan to work in Gov for two more years before retirement. I can stay on where I am (non real estate related) or find another job as a Realty Specialist which involves learning acquisition and disposition of land, commercial buildings, easements, licenses, permits, right-of-ways and commercial real estate leasing for 2 yrs.  I have prior commercial real estate experience (CCIM designation), so this is a refresher of my previous profession as a real estate broker.  Do I really need to go that route to learn that much so that I can be more versatile doing land deals during my retirement?  or should I just spend $5000-$10000 to join a real estate coaching program to learn on my own during the next two years after work? 

One of the motivation to switch to Realty Specialist job is that I am always fond of real estate and will do well. On the other hand, I am doing well at my current job with 4 yrs  experience.  

Should I stay or change job? Both job pays the same. But the new job requires me to move.   Your opinion will be greatly appreciated.  

Wow, what a group effort here. I love the input. keep coming.  I will keep everyone updated as this progress.  I would like to hire a note buyer who knows the necessary documents and terms needed incorporated into the document for smooth resell of the note. 

Owner looking for an experienced note buyer to structure a owner financing deal for a commercial lease. Tenant wants to buy. Located in Dallas. 818 669 4496 (Dallas)

looking for a note buyer. Have a owner financing property with 8% cap ROI. 818 669 4496.