All Forum Posts by: Deja Clark

@Jaycee Greene Thank you for your insight! I definitely ended up passing on this "deal" based on the red flags. Seems like the few people I talked to that are selling land in Florida are trying to sell it above retail without understanding that most of their potential buyers are going to be builders.

do Not buy land in FLA without doing full due diligence on all aspects . there are environmental gotchas that you need to fully suss out prior to waiving due diligence

Absolutely! I ran from it.

0 Votes

1 Vote

Hey All,

I have zero experience in real estate. My aspirations include becoming a real estate developer, so I want to learn as much as I can. I heard the deal starts with the land purchase!

How would you structure this deal to make it work for a single family home build?

I entered negotiations with a wholesaler for a vacant lot. The price started at 120k and I counter-offered 90k to which the seller was going to accept. However, they wanted fast close at 10 days when I need 30-40 days to complete the survey. I then lowered the offer price to 70k since I wouldn’t be able to complete the due diligence piece. The seller’s most recent counter-offer was 90k for 30-40 day closing with a 10k non-refundable earnest money deposit.

Location: Tampa, FL

Zoned: RS-50

Lot size: 6,969 sq ft

New construction homes in the area are selling for at least 350k.

*** Also, this deal has lots of red flags including the immediate 30k price drop, the 10-day fast close & the non-refundable 10k EMD. For kicks and giggles, I would still like to know how you guys would make this deal work for you. All insight is appreciated :)

1 Vote

Quote from @Francis Nasser:

Quote from @Deja Clark:

Hello to all. My name is Deja, and I am new to real estate investing. I wouldn't even say I've gotten my feet wet, yet. I started driving for dollars in 2022 but stopped because I felt overwhelmed with the "what if they agree to sell". I have no clue how to structure an owner-financed deal. If anyone could point me in the right direction... whether it be books, videos, seminars, or mentors... I would greatly appreciate it.

Wishing the best of luck to anyone currently seeking financial freedom.

Hi Deja, the first step is finding out how much the seller wants for the property. At the end of the day, most owner finance deals are born when sellers are asking for an unrealistic number. After that, you would need to figure out how much properties are renting for in the area and calculate a monthly payment with a mortgage amortization calculator. The monthly payment will vary depending on the amortization period, your down payment and interest rate, so you have to make sure that you move the numbers around to make sure you'll be able to pay back every month.

Pace Morby's youtube channel is a great source to learn about creative deals, I would check him out for a deep dive in owner financing😊

I hope this was helpful!

Thank you so much for your help! I will look into that YouTube channel.

1 Vote

Tampa, Florida

Wishing the best of luck to anyone currently seeking financial freedom.

0 Votes

Tampa, Florida

All Forum Posts by: Deja Clark

Deja Clark has started 2 posts and replied 5 times.

Post: How to Structure Land Deals? Newbie Needs Wisdom!

Post: How to Structure Land Deals? Newbie Needs Wisdom!

Post: How to Structure Land Deals? Newbie Needs Wisdom!

Post: How To Structure Owner-Financed Deals

Post: How To Structure Owner-Financed Deals