All Forum Posts by: Jimmy Perron

Hi Joe,

That’s a great insight, thank you! I have to agree with you. When I hint that I might walk away, I can sense a bit of anxiety from the seller, which tells me he’s not as confident as he’s trying to appear.

I might play it cool and let him sit with the uncertainty for a bit. If he truly has another serious buyer, then so be it. But if he can’t sell at my offer, my next offer will be much lower.

Appreciate your perspective!

Hi @Chris Seveney ,

Thanks for your reply! The property is $287K, and I’m financing $90K. My bank already approved me at 7.49%, which is quite high, but manageable.

I like the idea of using hard money to close quickly and then refinancing later, but my main concern is speed , I’d need a lender who can move fast to secure the deal before the seller changes their mind.

Appreciate your insights!

Hi BiggerPockets Land Investing Team,

I’d love your insight on a land deal I’ve been working on. A few weeks ago, I came across a 16.5-acre vacant lot in an area my wife and I really like. The asking price was fair based on the local market. After visiting the property, we realized we indirectly knew the sellers—a husband and wife who had originally planned to build there.

The husband put significant work into the land, saving money by doing the development himself. He subdivided the main lot, drilled two wells, and brought in power, making it essentially ready to build. Since he did much of the work himself with his own excavator and dump truck, the development cost was far lower than normal.

When we met, he said he had lots of interest in the property and wanted an informal offer as soon as possible. We submitted an offer with a financing condition, and everyone seemed happy with the deal initially. However, since we needed a small loan to complete the purchase, we included a condition for financing approval—which is fairly standard for vacant land deals, especially since lenders require an appraisal before funding.

Where Things Are Getting Messy

At first, the seller pushed for an unrealistically short deadline for financing approval. Since financing for vacant land takes longer (appraisal, underwriting, etc.), we asked for a reasonable timeline. Our notary drafted an agreement, our lawyer reviewed everything, and we scheduled the land appraisal to satisfy our lender.

Now, the seller is suddenly not satisfied with the financing timeline and is hesitating. He claims others want to make an offer, but unless it's a full cash buyer (which is rare in our small town), I doubt they’d be able to close faster than us.

I’m getting the sense that he may not actually want to sell, and this whole process is just a way for him to tell his wife that no one could buy it. It feels like he’s trying to create roadblocks instead of working with us in good faith.

My Concerns & Questions for the Forum

1. Has anyone dealt with a seller like this—one who acts like they want to sell but keeps sabotaging the deal?
2. At what point do I walk away? I’ve already spent a few thousand dollars (legal review, notary, appraisal scheduling), which I won’t recover if the deal falls apart.
3. Should I push harder or let it go? I’ve been keeping him updated daily, showing commitment to making the deal work, but now he seems indifferent or even looking for an excuse to back out.
4. How do I handle this carefully considering we will still be neighbors? He owns the 2-acre lot next to this land, and we’d be sharing an easement if we proceed with the purchase.

I’d really appreciate any advice from those who’ve navigated difficult land deals or sellers who seem unsure about selling. Thanks in advance for your insights!

Hey Bruce,

Thanks for the tip on the demolition costs. I’m on board with getting a professional opinion for sure.

I'll be reaching out to some local companies for estimates. We're somewhat remote here, so there aren't too many options nearby, but I can always extend the search to the next major city, even if it’s a 7-hour drive away.

Should be a good learning experience either way.

Cheers, Jimmy

Hey Bruce,

Thanks for the tip on the demolition costs. I’m on board with getting a professional opinion for sure.

I'll be reaching out to some local companies for estimates. We're somewhat remote here, so there aren't too many options nearby, but I can always extend the search to the next major city, even if it’s a 7-hour drive away.

Should be a good learning experience either way.

Cheers, Jimmy

Hi Mackenzie,

Thank you so much for taking the time to reply ,  I appreciate the heads-up about sharing the property address. The point about potential title issues is well-taken, too.

Your advice about potential environmental concerns due to past commercial uses is  pertinent and something i will delve deeper into. I also like the strategy you suggested of making a contingent offer.It seems like a smart way to mitigate risk.

Thank you again for your encouragement and the advice.

Best regards,

Jimmy

Hi BiggerPockects Community,

I wanted to get your thoughts on a unique investment opportunity I stumbled upon recently. Yesterday, I found myself at our local brewery – arguably the best spot in town for both a pint and some insider info. While there, I ran into a friend who's a seasoned realtor and, as luck would have it, he had some intriguing insights about a property I've been eyeing: 2265 Miller Street, Terrace, British Columbia.

Here's the scoop: The property, priced at a tempting $215,000, is part of an estate liquidation – the previous owner passed away, and the heirs are looking to sell. It's got a substantial shop space that screams potential, but there's a catch – the residential structure on the land is in a state where it's better off removed. Over a round of beers, a local carpenter chimed in, suggesting that demolition costs could soar as high as $100K.

I'm seriously considering this investment but weighing the pros and cons, especially those hefty demolition costs. So, I turn to you, the wise and experienced BiggerPockets community, for your invaluable insights.

Property Details:

• Type: Commercial/Residential Mix
• Price: $215,000
• Unique Features: Large shop area with potential for various business or creative uses.
• Considerations: The residential structure on the property likely needs to be removed.
• Zoning: RU3 (High Density Rural), allowing for a variety of uses including hobby farms and home occupations, with certain building and site coverage restrictions.

Key Challenge:

• A local estimated the cost of removing the house, including asbestos testing and abatement, could be as high as $100K.

Context:

• The property is part of an estate liquidation following the owner's demise.
• The primary value lies in the commercial aspect (the shop), with the residential part holding little to no value in its current state.

Given this scenario, I have a few specific questions for the community:

1. 1. What are the potential challenges and benefits of investing in a property with a focus on the commercial aspect (the shop) while the              residential part holds little value?
2. 2. What strategies or approaches would you recommend for managing and financing the demolition and asbestos abatement process?
3. 3. How might the history of the property (owner's demise, succession's liquidation) impact the investment?

I would greatly appreciate any insights, I'm especially interested in hearing from those who have undertaken similar mixed-use property investments.

Thank you for your time and expertise!

Jimmy