All Forum Posts by: James Richter

ben nice interview on get rich. Always a good listen like the others I've heard. Thanks for your advice.

I understand that. What I am trying to establish is a starting point since it's an odd property with zoning and all. I figure an apraisal of the property's value would be one more piece of information for me to use while trying to understand what I value the property at. But that being said with the business plan I have in mind I already have a pretty good idea of what I would like to pay for the deal. An apraisal value will help me understand my level of interest let's say.

I contacted three agents I have in my contacts. 

#1 is on it and verified if it was just a lot with a garage so I know he's actually looking into it somewhat.

#2 immediately asked if it was for sale. I explained that I was offered the chance to buy it. The next question was if it was on mls. I informed them it was not. The reply I got was "I will have to see it then.  I  get the feeling this person is not interested in putting much effort into my request.

#3 returned a call from the voice mail I left and we are currently playing phone tag. I'm sure we will get in touch soon.

So far I only have one person that may produce some information. This is why I wonder about paying a professional to assess the value of the property.

Just keeping everyone posted in case anyone is keeping tabs on this thread. 

Thanks everyone that posted. 

I am looking to buy a unique property. It is not on market right now. Sellers father has passed and the seller wants to sell the property the father has left. It's unique in the sense that it is in what the city zones as "medium density" residential but the property does not have a house on the property. Just a large garage sits on the lot. I believe I can fill it with cars to store over the winter season which should cover the note, insurance, taxes, etc. And if eventually I could build a multifamily home on the lot then that may make a great opportunity to enter the multifamily world.

A few questions I have are:

1). If the seller doesn't have an agent should I bother using an agent? Or should I just have an attorney write up a contract? And if so do I start with a letter of intent? 

2). We are quite far apart on what we value the property at. I am wondering if I should purpose a seller financed deal structure? I doubt the seller needs the money in full right now so maybe it could be the right option for me to pay what I feel is fair and the seller will realize more of the money if we can help avoid the capital gains? How would be a good way to explain how seller financing works? Maybe a short and to the point print out to send the seller home with to review?  

3). I also wonder about getting the property appraised to try to get a better idea of what a unique property like that is really worth. Appraisal × .8 = my idea of a reasonably safe offer. 

Of course I have many more questions but these are the for-most on my mind.  Basically what is the wisest way to approach this deal. 

Any help would be much appreciated. Thanks for reading.