All Forum Posts by: Kelvin Hamilton

I get that Roy... I think that was the missing link from Ruben's advice, I do not have direct access to the Trustees as it is a Public entity.

All the same, the strategy is good to try and adopt if I get through to the next stage.

Ok,

Thanks for your thoughts Ruben. Let's see how it pans out and whether the opportunity arises.

 I was just reponding to your strategy Ruben and for some reason the text box went blank. So if you receive two reponses from me then you know why.

So I was thinking that this is an interesting strategy, however at what stage can I play this, from the time I make my offer?

I am meeting with the realtor tomorrow morning to make my offer, which will be forwarded to the Trustees; do I give them a full explanation at this point as to what the difficulties are in offering more than the price I propose to offer?  Previous advise suggested that I should keep my advantage card close to my chest (i.e. my solution that will make the land profitable). Do I wait incase they counter offer before expressing my concerns to raise the price?

I am all ears ready to listen.

Thanks

Welcome Eric,

I too am new (one week old now I think?)  Anyway, you hit bullseye by joining biggerpockets.  The people here are great people, they genuinely want to help see us be successful and realize our dream.

So again, welocome and the best to you in your pursuit in being a successful real estate investor.

Cheers

 Definitely John,

For one, the existing house is in bad condition, I cannot even rent it while I get permits in place.  Secondly, to start fixing up to make it rentable will inevitably lead to asbestos issues (1940s built house).

I will arm myself with the ammunition.

Thanks

 Ned,

Thanks, a rule of thumb that I will keep close to my chest from now on.

Appreciated advice.

 Great advice, it makes me feel better.  From what Roy suggested, I have informed the realtor already that the numbers do not stack up to offer anything near what was mentioned to already be on the table.

It's funny, she has already come back and suggested that I should still make the offer... Hmmmm.

BRILLIANT!

Thanks very much for that Roy... I'm going to try that and see how it goes.  You are right, I should not change from my price that works, and if someone wants to pay more... good luck to them.

Cheers

Thanks Roy,

But in doing that, will I not be giving the secret away to show that the site could be developed into 4 units?

How can I do it without shedding too much of my plan?  Be easy with me... I am a "Newbie" so forgive me if I am being dim.

So, an opportunity came my way and I have been wrestling with the numbers to confirm that the deal makes sense.  The situation is this:

A Piece of land zoned as a multi-family property but undersized is up for sale due to the owner not able keep the property (house is rundown and needs to be demolished).  The Public Trustee for the Province is now acting on behalf of the owner and is tabling offers (to be closed mid January 2015).

So that's the background, now for the situation... I am convinced that there are not many if any, who can put a multi-family unit on this piece of land which will meet all the City guidelines successfully; I managed to achieve this on a very similar site, which was completed in July 2014, only because of my training and coming from Europe where we have a lot of instances like this there. 

Right now the numbers do not stack up, because the trustee's are asking a lot for the land, due to appraisers valuation.  Should I just make an offer which will be way under the asking price, or do I just let it go? I have not worked with a government body who is acting on behalf of the owner, would they be interested to negotiate, the realtor feels they won't; I don not trust realtors?

As mentioned, I can put four townhouse on the land, I developed the first of it's kind in Calgary on a previous and similar undersized site,  Multi-family plus meeting all the guidelines.

Anyone, out there able to give me any advice on how to deal with the trustees?

I know, its a hard one to respond to.