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All Forum Posts by: Account Closed

Account Closed has started 5 posts and replied 7 times.

Post: I Think Some Commercial RE Investors Are Trying To Scare Us

Account ClosedPosted
  • Avondale, AZ
  • Posts 10
  • Votes 1

I see. Didn't realize state can buy the land and sell to commercial developers. Will try to find a RE attorney who can represent us, if indeed they go the eminent domain route. Thanks Ted.

Post: I Think Some Commercial RE Investors Are Trying To Scare Us

Account ClosedPosted
  • Avondale, AZ
  • Posts 10
  • Votes 1

So we bought agriculture land around 1990, around 2007 the surrounding lots and land around us have been bought for use for commercial properties, but couldn't buy our house/land for the price they wanted (they actually went to the state regarding this; the state panel said that we had the right to our land, and have the right to sell it at our price, knowing that the developers would convert it to commercial and thus our price was reasonable).

The state also actually used eminent domain to pave way for the main street right off a major highway and they took about 1/10 of our property.

Ok. Now it's 2017 and the commercial investors are trying to purchase our land (where we live).

They are saying that if they can't buy our land, they said eminent domain might (at this point I think they are trying to scare us; it was funny too because she was explaining to us that eminent domain would buy our land and convert it to something for the "public" like (and i quote) "a restaurant" lmao. Restaurants are commercial property...), or that they will just build a wall around our property and finish converting and developing the land around us into commercial entities.
We said we were fine with them building around us (with the bet that we will be bought out at our price eventually (possibly even higher due to the fact that pretty much everything around us will be commercial property and generating revenue (restaurants/mall/stores/etc...))).

Now I'm asking, if you were in our shoes, what would your game plan be? We struck gold without realizing it back in the 90s, and we don't want to be low-balled, and it seems like they think we're naive.

What do you think? Thanks!

Post: Would an FHA 3.5% dp allow prefab/modular homes (multifamily)?

Account ClosedPosted
  • Avondale, AZ
  • Posts 10
  • Votes 1

I really like the look, design, and efficiencies that prefab/modular homes bring.

I was wondering how I could start house-hacking (build 4 units where I would live in one).

How would I go about doing so? What if I don't own some land outright? Say I have enough for a 3.5% ($14,000) downpayment for a mortgage of around $400,000. I would love to buy land and build a multifamily 4-unit prefab/modular home, and live in one of them while renting out the other three.

Problem is, I don't own any land, and have yet to choose any prefab/modular home-builder.

Where do I start?

How can I secure an FHA mortgage?

Sorry, pretty new to the whole real-estate thing. I just like the idea of house hacking as a way to start investing in real-estate, and loved the idea of living in a modular home. Just wondering if it was possible and how to go about starting

Thanks!

Post: My dad = trying to do a cash-out refi with credit under 600

Account ClosedPosted
  • Avondale, AZ
  • Posts 10
  • Votes 1

How can he do this?

I have a relatively decent credit score of 720ish, but no income.

Is there such a thing as blending us two together for a cash out refi?

The property he's/we're trying to borrow against he owns free-and-clear.

We're trying to get a loan in the 5-6 figures as soon as possible to fund an investment opportunity. Trying to have funds by the end of this year if possible, but not essential.

Post: Transfer from personal name to LLC then sell via owner financing

Account ClosedPosted
  • Avondale, AZ
  • Posts 10
  • Votes 1
Originally posted by @Bill Gulley:

Frankly, there are better ways to leverage the property you own than selling it, lease it and borrow or pledge an interest in other deals. Good luck :) 

 Thanks for the response Bill.

The reason I want to sell it is because the neighborhood is really not a great neighborhood (it's basically in the 'hood'). It was recently robbed too (probably because people in the surrounding area knew it has been vacant for a while). The house needs some rehab done ( just to make it more presentable. Nothing too much) but I don't have funds to make it look nicer. So I feel keeping it I feel would just be a liability. So I thought it would be best to take advantage of the benefits that owner financing can give.

Post: Transfer from personal name to LLC then sell via owner financing

Account ClosedPosted
  • Avondale, AZ
  • Posts 10
  • Votes 1

I was wondering if this was a viable strategy to generate consistent income and quickly add income history to a newly formed LLC in order to qualify for line of credit (or getting approved for a conventional mortgage): Transferring a property (owned free and clear [no mortgage]) from my own personal name to a newly-formed LLC (via a land trust? what are some of your suggestions), and then selling the property via owner-financing (which in this case, the owner/seller being the newly-formed LLC).

Is this a viable way to show lenders that the LLC is generating income, and therefore make the LLC more qualified for various financing opportunities (despite it being pretty much completely new)?

This is, of course, assuming an LLC can even owner-finance a sale of one of its properties. And if so, during the seller-financing contract write-up (and eventual loan servicing agreement), all the difference would be that instead of using my own name in the paperwork, it would be under my LLC's name, correct? (Sorry if my grammar seems to be a bit off in this last paragraph lol)

Thanks! I'm barely getting into REI, and was wondering if even forming an LLC immediately at the get-go is the right way to go if I'm planning on owning several rental homes in the future (and just fyi... basically my potential first investment move will be the seller-financed sale of a property that I own free-and-clear- hence this discussion post).

Thanks in advance for taking the time to answer my questions~

Post: Parents and I have property that is surrounded by commercial

Account ClosedPosted
  • Avondale, AZ
  • Posts 10
  • Votes 1

Back story: My parents bought an acre lot with a house taking up around 2800sq/ft of the acre lot back when it was surrounded by agriculture land.

Fast forward a decade or so, the surrounding land has become commercialized. And by commercialized, I mean there are restaurants, a hotel, and even a sports complex literally right across the street (and a major highway i10 in Arizona within half a mile from the property).

Investors were in the process of buying our land, all the while I was witnessing construction all around us, turning the agriculture land to roads for lots and buildings and stuff. And then the 2008 crisis happened and everything stopped abruptly. And the deal never closed.

I was wondering how do I go about selling our land today? I'm new to the whole REI community, so sorry if I'm being a bit naive.

My dad thinks the property is worth $1.5 million and says he WILL NOT sell if he doesn't get his price. But I feel like he's being delusional and just picking that price out of the air (which would cost us potential sales)? How do I accurately estimate the price of the property (I look up on Zillow/Redfin/etc... and the price is estimated around $250,000, but I think that is very low and inaccurate because it doesn't take into account the potential commercial value of it).

How do I go about accurately estimating the value of the house and finding investors willing to purchase? Do I hire a professional to appraise the house? And if so, how could I go about doing that if I don't have much funds.

Again, I am still learning REI from scratch trying to wrap my head around the details.

I truly believe this land has potential, I just don't know how to proceed. Maybe some tips on learning material might help? Thanks!