All Forum Posts by: James C Clark Jr

@Paul Moore Thank you for the advice.  The terms are the key, and your suggestion will be in play.  I'm almost in the exact same situation as your friend.  I'll have an update soon.  I'm in talks with the zoning department, insurance companies, and vendors as of now.  I've offered some terms to the seller, and hopefully we will be under contract in the next week or so.  He's considering one offer from the terms I gave for purchase of the land with a 20 yr term, and 5 year balloon. 

@Justin Tahilramani The zoning in currently recreational (which is easier to start an RV park getting a conditional use permit), and I would have to get the zoning changed to commercial (which takes about 3 months) to start an RV/Boat Storage facility.  I have talked with the zoning department and it is possible.  The land is located of a busy business highway, and there's business that sells RV's, an RV park, and a self storage unit that has additional spaces for RV parking near by.  

Hello Bigger Pockets family,

To make a long story short I came across a potentially great deal in my search for properties to buy and hold while driving for dollars.  Talking to a seller who had a small property for rent on 8+ acres of recreational land we determined that he didn't want to sell the property/land for anything other than market value, but we continued talking.  It became clear that the owner of the land was interested in seller financing the land, and also lending the down payment of the start up costs for repayment through income and equity split.  His why is because he is older, doesn't want to create an estate just to have a lot of it go to taxes, and wants his wife to just get a check in the mail if he were to pass away.  

I've done some analysis, research, reached out to steel builders, and contacted the sba for a 504 loan.  After all of that I have determined that a RV/boat storage would be a great way to start up in the area due to the high cost of steel at the moment and there's a demand for it in the area.  I'm currently ordering a survey to submit to steel builders/storage builders to get quotes on construction costs, and after that submitting a special use permit for the land (The land could also be used as a RV park in it's current zoning, but it isn't in the best area for that). 

Here's where I need help.  I'm not sure of the cost yet, but I want to make a few terms for the seller to get the property under contract (i.e. 5% of total cost down, repayment of down payment through income 50% equity for 15 years).  What are some other options I could give him other than an outright cash offer for the land.  I'm just trying to think outside of the box.  He has even mentioned not receiving a payment until the RV/boat storage starts receiving income, and then I could buy/make payments him out of his equity split/pay for the land.  Any suggestions?

Thanks you for the info.  I'll have to get more information on the unit.  I called a property management company in the area to get some basic information on the market.

Hello all,

I got wind of a mobile home that is for sale in upstate SC for 20,000 on a half acre lot.  It seems like a good deal, but I don’t have any experience in the mobile home market.  I do understand that they depreciate over time, and they are hard to finance.  The cash flow will be great for the area, but what are other pitfalls to consider?

Thanks

Hello,

I have been studying BRRRR/Flipping and networking the past few months. I have a few properties in my portfolio right now that have been running well the past few years. I would like to start an accountability group to get back in on the field in the Fayetteville/Triangle, NC area focusing on taking action weekly to get deals done. As Proverbs 27:17 says, "Iron sharpens iron, and one man sharpens another." If you are interested let me know, and we can get things moving. Thanks!

@Justin Middaugh Thanks!  I'll reach out to them.

We had a small logger visit the property, and there is a creek that runs through our lots that limits area of the trees that can be cut.  I'll have to reach out to the owners of surrounding properties to see if they want to sell the trees on their property to make it work.

I have a rental SFR in Greenville, SC that is owned free and clear I'd like to get a cash out refi on. I've tried a few local community banks, but I'm not getting any traction. Does anyone have any suggestions?

We have a new acres, but the lots are completely wooded, and haven't been touched by man.  Hopefully we will have some value in the trees.  Thank you for sharing!