All Forum Posts by: Esteban Camacho

My first deal and there is so much to still learn! I am currently working a deal with  two 9,000 sqf commercial lots with one 3500 sqf building on one.

The owners owe 10,000 in bad taxes witch I would pay when it's under my name plus 3,000 to the owner as well as covering all fees. 

I would need a total of 15,000 to buy the property witch the county  assessed at 35,000. My RE broker suspect it will  appraise at a minimum 50,000 as is how ever she will be doing a BPO to get a better idea of what we are working with. 

Can I buy this property with hard money and  immediately refinance to pay back the loan and start construction? 

Thanks in advance for your help! 

@Rick H. I believe this a great deal because it has lots of equity I can tap into. I have a BPO scheduled to give me a better idea of what I'm working with 

I am in the process of having the title company clear the title and insure they are the right full owners. They have explained what you mentioned above and I will need to track down the incorporation paper work as well as have the corporate officers sing off on the sale. Then transfer the property to the heirs name and finally I can buy.

As an exit plan I would whole sale it for a profit or rent the building as storage maybe even turn it into a residential home with a large shop. 

Originally posted by @Rick H.:

What makes this opportunity a deal for you? 

Do you have an exit plan vision?

Sellers will need a way to pass marketable title to you. 

I would discuss with the title insurance company that you intend to use what they want in order to pass title. 

If in an entity, they will have a list of items required from the corporate officers. If a non-profit religious organization, they will have a list for that, too. Most churches are owned by a non-profit 501(c)3 corporation so title would in that case require Articles of incorporation and corporate resolution signed by all officers E powered to sell.

If owned personally, it may be probate time.

Sounds like you are only beginning your research and due diligence.

Yes it is actually in west Texas oil country where rent prices are about 800 for a 1 bedroom and can go up in to the 1000 during peak items. I'm am at a huge advantage since I'm buying a large amount of equity and would be doing all the work my self. So far it seams simple since I won't be knocking down any walls just simply put up walls to divide rooms.

The plan is to use hard money to buy it  then refinance to pay the hard money loan and have some funds to start on my first unit. I believe it will appraise above 50,000 and I will be in just around 15.000 when its al said and done  

I am not quite sure what the plan is yet  I would like to get it cash flowing and then make my decision how ever cash in my hand is always a plus  

I found my first deal and it looks great!! I have two 9,000 sqf commercial adjacent lots with a 3300 sqf church on one for 13,000 in west Texas. The building is structurally in good condition however I'd does need quite a bit of Tlc. I am trying to buy it off three siblings who have inherited it from there father. However they have no deed and the property is in the name of the church not there father. They currently owe 10,000 worth of bad taxes witch I would pay plus I would be giving them and additional 3000 on top of that and covering all transfer fees and attorney fees as well. The property's tax assed value is 35,000 I understand I will be needing an affidavit to prove they have legal ownership ship before I can buy it from them. My questions are how can I lock in this deal and protect my self so they can't back out after I pay all fees to have the property transferred in to there name? Can I have an attorney draft a contract even if I'm not 100% sure they legally own it? Also if every thing goes according to plan what type of loan can I get that would be secured by the equity in the property? Please forgive my ignorance and THANK YOU in advance for you're help!

I found my first deal and it looks great!! I have two 9,000 sqf commercial adjacent lots with a 3300 sqf church on one for 13,000. The building is structurally in good condition however I'd does need quite a bit of Tlc. I am trying to buy it off three siblings who have inherited it from there father. However they have no deed and the property is in the name of the church not there father. They currently owe 10,000 worth of bad taxes witch I would pay plus I would be giving them and additional 3000 on top of that and covering all transfer fees and attorney fees as well. I understand I will be needing an affidavit to prove they have legal ownership ship before I can buy it from them. My question is how can I lock in this deal and protect my self so they can't back out after I pay all fees to have the property transferred in to there name? Can I have an attorney draft a contract even if I'm not 100% sure they legally own it? Please forgive my ignorance and THANK YOU in advance for you're help!