All Forum Posts by: Sherri Southwell

I watched the video for info on land flipping (which is basically what this is) but did not sign up for the program. I immediately found 8 lots on my MLS meeting the sale price criteria, in the same community, which are ready to build. I offered to negotiate a package deal for all 8 lots as the buy price was somewhat higher than what Jerry wants.

This was the response: 

Jerry is interested in vacant land under an acre, developed, buildable, and zoned residential. We're looking for a spec sale range with a minimum of $400K-$1 million with a population minimum of 50,000. Our goal is to buy a lot and then build a spec home to sell for profit.  (The video didn't mention a minimum population)

If you have properties that meet these criteria, you need to enroll in our Lot Flipper program. (Of course!  I need to enroll and pay before he'll look at my deal.  This tells me he is in this for the $1,000 enrollment fee banking on most never meeting his "criteria")  Sure smells like a scam to me!  

When I was introduced to gap funding, it sounded like a great way to build my cash reserves but after doing some research, I have questions about protecting my investment.  The way it was presented to me was that the gap funder receives the loan amount + 50/50 split of net profits with my name on the deed to protect my interest in the property. In this scenario, if the borrower defaults, it sounds like I would have to buy out the first place lienholder to maintain my interest or be wiped out completely regardless of my name being on the deed?  Is this strategy too good to be true?

My clients are short selling their home due to structural issues causing a significant decrease in the value of the home.  They have found a home they want to move to and a family member has offered to pay cash for the home and work out repayment terms with my clients then deed the home to my clients as soon as the sale closes so they can homestead the property.  My question is, can they do this with the pending short sale or would they need to wait until the sale has been completed?  And even then, would they need to wait a specific amount of time before having a home deeded to them?  

Class is from 6pm to 8pm.  

This is an informational class offered by Eddie Serralles of the Serralles Group.  We educate investors on how to find deals. You only need to come with the desire to learn! Lakeland Public Library Main Meeting Room.  Please bring your friends and your friends friends too! 

Fortunately,  there are no gas tanks.  Just a laundromat next door with old inoperable machines.   He jumped at the idea of selling.   I've been in to visit him a few times and   he's the only one working the store.  He gave my partner and i a valuation  that was way too high.  He's just done.   I am an agent too so i can also get it listed for him. 

Here's the scenario in a nutshell.  I came across a convenience store in the hood with attached coin op laundromat in need of all new machines and repairs/updates.  Currently the store is the only portion of the business that's operational.  Lots of dead stock on the shelves that needs to go.  In speaking to the owner, I found out that he's owned it for 23 years and is ready to exit (sounds like he's been ready for a while).  He is the sole proprietor with no other help.  It's located on a main road with high traffic (vehicle and foot) and community ties.  He also owns a large vacant lot adjacent to the store which would convey with any sale. The one page P & L he provided left us with a lot of questions. 

We would like to help him but his valuation seems way too high considering the the condition of the store/laundromat and the amount of $ and work it would take to bring it back to life.  Do any of the seasoned commercial investors out there have any suggestions on how to approach this to make it a win/win for both of us? Just to clarify, I'm not interested in running it.  I will either wholesale it or list it with my brokerage.  

Thanks in advance!

Daycare center, never thought of that.  I heard it was an antique store before it was a funeral home and who knows beyond that.  The moment I saw it a speak easy came to mind but the owner said the locals wouldn't allow it.  It has so many possibilities but it would take someone with true vision to turn it around.  I found another funeral home that did the same with an old historic house near my hometown and they might have some interest but I'm unsure how to valuate it in order to put it under contract and price for potential buyers.  UGH! 

I have come across a FSBO funeral home built in the 20's (effec year built 1985) and currently vacant. It's been for sale for at least 6 months maybe longer. I'm not sure how to valuate it. It has two residences in the same building. It's on a main street with loads of traffic and exposure. There are many homes nearby that have been converted to professional offices and I could easily envision a very nice conversion with this place. Any suggestions on how to approach this one? I will be contacting the zoning dept to find out what other uses are permissible.

Thanks!

I have come across a FSBO funeral home built in the 20's (effec year built 1985) and currently vacant. It's been for sale for at least 6 months maybe longer. I'm not sure how to valuate it. It has two residences in the same building. It's on a main street with loads of traffic and exposure. There are many homes nearby that have been converted to professional offices and I could easily envision a very nice conversion with this place. Any suggestions on how to approach this one? I will be contacting the zoning dept to find out what other uses are permissible.

Thanks!