All Forum Posts by: Greg K.

Good to know.  If anything, I'll call it an 'Australian Auction'.  Great name for a gathering on the coldest day of the year in my area=D

@Seth Ferguson

That is good advice.  However I literally am working within a 24 hour time frame.  Can you elaborate on what the downside to holding a live auction would be? 

Or perhaps a live showing, and then ask that each party to email me their offer afterwards?

Thanks for the feedback

So I have several savvy developers interested in my property. Naturally, each one once to stop by and see it. Of course, this time is also used as an opportunity to gain rapport and do the salesman magic. However I'm on a realistic time constraint. Should I hold an off-market, FSBO 'open house' for my fixer-upper property? And then live, in person auction? Of course, none of them will like it, but I want to give everyone a chance to make an offer. Any advice or established practices for handling such matters would be much appreciated

So I am up against a deadline for a reduced payoff of a non-performing mortgage that otherwise has spiraled way out of control.

Reduced payoff - 645K

Deadline - a couple of days

Pay off required after deadline- 790K

As is value of home:  ~950K, but with some rehab can be condo converted and sold for much much more, based on comps.

Neighborhood is nearly impossible to buy property in right now, due to upcoming public transit and huge changes.

3 investors came willing to do a JV as follows: Simple split of profits 25%

My role would be passive.

I felt this did not make sense for me because the value of the property - the buy in for acquisition = My equity, which is thus my capital contribution .

So for example if I wanted to buy myself out a week into the project, i get zero, even though I contributed my equity.

I offered this deal instead:

For my approximate 25% capital buy in via equity + me bringing a very hard to acquire deal to the table, should give me 25% of the gross value, at any point.  This incentivizes me to keep my money in until the end, but allows me to exit if for some reason I need/want to, with a fair share in my hand.

Is this a reasonable request?  If you were partnering with me on such a deal, how would you feel about  this structure?

Hmm, your question definitely hits the nail on the head.  I need to daydream/mull over this idea bit more.  Thanks for the response

I just want to access the data, I know how to build a WP site offline, or host it locally.  I know how to build a limited wordpress.com free blog.  I just want to enter an address maybe in the F12 console and have it return raw data.  Any ideas?

This is an FSBO listing. Listed elsewhere for $950,000, here I am offering a Joint Venture partnership as follows:

$650,000 capital up front + 32% non-management stake in the investment.

House requires $150,000 in rehab costs to be ready for condo conversion.

-Greg Kristy

@Chukwuemeka E. Nwozuzu

I'm in the exact, same situation, almost the same numbers even.  But I'm even a step further down, and I've negotiated a workable price with the current mortgage holder.  They even agreed to frame their offer as a "Short Pay", which is a less restrictive version of a Short Sale.

But I can't quite come up with the exact process to get this closed, and the mortgage holder is starting to get irritated.  Looking into plan B, but I don't have a lot of trustworthy connections yet in this business.

How did you make out?  Thanks

This is a great question. Being in a situation now where I'm on the cusp of making my first move, I'm considering all my possible strategies, and lots of players have come my way wanting to buy the property I have as is, some willing to form a JV and provide funding for the investment. And so far haven't been able to secure a loan.

I definitely have found that simply figuring out what 'gotyas' to watch out for is most complicated with JV's. Any advice on this matter as well would be appreciated and I think relevant for the OP as well.

Specifically, how can one get scammed in a JV?

 - misrepresented rehab budget/costs, misrepresented final return.

that's all I've got so far

Well, no equity, probably no profit.  Maybe a short sale, which is a hardship situation.  The state of Massachusetts would never cut out someone's medicaid because of that.

  Sounds like you need a real estate savvy accountant/lawyer who practices in Massachusetts.  I'd suggest poking around for references to such a person.  I appreciate how you're truly looking out for both parties best interests.