All Forum Posts by: Rodney Williams

A elderly family member has a 1,300 acre ranch that she's looking to sell. She claims it's worth at least $1M, but she's willing to sell for $750K to family, in exchange for a minor concession (i.e., another family member gets to keep his job there for at least 3 more years). I have looked at a few commercial listings of similar land in the area, and based on price per square foot of the *list* price, it looks like the land should conservatively be worth anywhere from $1.5M to $7.5M. However, I admittedly know nothing about ranches. How do I go about finding a better estimate of the value? How do I find out if it can be divided and sold in smaller increments.

I obviously have a lot more research to do. Where do I start?

Let us know how you make out on this.

You may have answered the water problem with the property two miles away. Is it included in the original ranch or can it be purchased with the right to supply water at a cost, if the main ranch is divided?

You do have your hands full of research. Ask professionals around you ie; Realtors, Ranch owners, etc... without disclosing the property you are interested in of course.

But do let us know.

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Originally posted by Jorvon Smith:

Good Morning,
I am just trying to figure out, is there really a way to buy and sell real estate without cash/credit. I am tring to flip REO's, I come across delas "all day long" here in So. Cal, my method of payment is transactional funding, however everytime I think I am progressing or coming close to having an offer excepted, I am being told that my "type of funding" is not excepted. Yet I hear of people all over (esp. in the state of Fl) filpping all types of property with the same method of fundong, and from the very same company I use. I am now wondering if it's the California market. So again I ask, is there a legitamate way to flip properties without using cash/credit? All advice, suggestions are welcomed.

Many Thanks and GOD BLESS
Jorvon

It is hard to tell what the actual problemis without additional info.
Did you talk to your transactional funder about getting around this?
Did you give too much info to the bank (all they need is proof of funds to close)?
Do you have the property under contrac to an end buyer(a must to use the funding you are using)?

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Originally posted by Adam Harrison:

My biggest question, is how to find the deals. How do I find deals that other investors aren't aware of already? I have a full time job so I'm not able to scour for deals full time, yet I have heard of people doing wholesaling part time and doing quite well with it. I just need to discover the secret of finding these deals.

I have gone to some of the REI Club meetings but, most of the professional investors I have spoken to have told me that wholesaling is a bad idea in LA since there is so much competition and I should save money and purchase a property or invest with one of them.

I know they mean well, but to be completely honest with you, I don't want to wait for the next 10 or 20 years to save enough money from my day job in order to have a large enough down payment to buy a multifamily property in my area that will cash flow.

I want to start and it seems like wholesaling is a good first step for a lot of people.

Thanks for recommending the book. I'll read it, along with Eric's material and take it from there. I'm sure I'll have lots of questions and I appreciate your offer of help.

It's like everyone is saying. Learn to evaluate the property first.

When you do, you may have to go after the properties nobody wants to mess with. These usually take a lot of time and have headaches and in the end you may lose the deal, but these are good teeth cutters and prepare you for anything,

1 Vote

Originally posted by Aaron Mund:

I went looking around on craigslist for people looking for bird dogs. I found one that will pay $5.00 for each applicable submission and $10.00 for each submission with the owners name, address, etc. I asked if there was more for when they close on a property. I got a maybe if you are with it long enough. I want to earn a few bucks in real-estate. But not just $5.00 my time is worth more than that.

I am in Colorado and want to know what else I can do to start bird dogging and if this origination I found sounds legit.

Hi Aaron,

A good bird dog finds the property, negotiates a deal with the owner and gets a contract on the place. Then you go to these people that have been contacting you and sell it to them.

Better yet, you should really find a good Real Estate Investment Group in your area and attend the meetings. There you will find good advice and maybe networking opportunities to sell your contracts to.

Hope this helps.

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Originally posted by Bill Gulley:

Hey, back to the loan mod. I just thought that there is no reasone some of us on here could put that together and confront lenders with the option. Anyone interseted? Bill

The problem here is that individual banks do not own the loan. They service the loan(collect the payment). They are just like a mortgage broker (did you know banks get paid a yeild spread just like MB?) other than the fact they collect the payment and send the proceeds to the investment firm pooling the loans(Fannie,Freddie or Ginnie Mae).

The exception is a local bank that "Portfolios" the loan (keeping it in ther possesion.

The note that was sold by the originating bank is divided into many different peices and put into various pools. This is why it takes so long to get a short sale approved. The rep. for the investors has to approve the discount.

In my opinion any upfront mod fees are suspicious, I've seen more than a few taken this way.

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HI Steven,
Thanks, I will have to go to the court house then evidently they don't allow those records to be posted online.

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I can't find any other place to put this. In doing research on a property here in Florida, I found that both parties have passed away, the last being in 2007, possibly leaving a mortgage. There is no estate listed in public records or any type of action, other than the probate, nor any action by the mortgage co. Any ideas on finding the controling party to the property?

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All Forum Posts by: Rodney Williams

Rodney Williams has started 6 posts and replied 67 times.

Post: How to value ranch land

Post: Is it true??? Buy and Sell Real Estate with no money/Credit!!!

Post: Larry Goins Ultimate Buying Selling Machine

Post: Bird Dog Organizations

Post: Could New "NOTE REDUCTION" PROGRAM Be The Cure?

Post: Probate

Post: Probate