All Forum Posts by: N/A N/A

All Cash, Awwww perspective. Its great, lol. Thanks buddy. I do remember reading all of this but you have detailed it in a straight forward way. Or maybe I have the heart and eyes to see it now.

Thank you so much Rehabber for the comment. I am trying to live like a sponge absorbing everything.

Thank you for the great point REI on the land sale contract. He is in his early 60's. I didn't explain in above post my reasoning for the 5 or so year plan then to get bank financing at that time. Mostly my credit blemishes but also to make it desirable for him in the short term. He is not going to wait 20 or so years to get paid in full by me. He will be in his 80's by then! He is very intent on two things. 100% renter (his rules or the highway) or sell to me 100% (my land, my money, my problems / benefits) he washes his hands. The Trust Deed is somewhat familiar to me. Seems I have heard of that before so maybe that is what Florida utilizes. I am running searches now! Would a title company be able to build one or does anyone have a copy I could have a lawyer dictate specifically to me?

We have a lease option now. Problem is my credit like I stated before. Meaning it maybe a few more years of credit rebuild before I could get financing. Plus this area is growing rapidly with new schools; hospitals and recreation meaning property value will continue to rise putting it further out of my price range. I would much more like to own now since I have the opportunity and set myself up better / faster.

All cash, I just finished the Money Make Over. Not as good of a read as I had hoped but that’s just my opinion. He has supper pointes that put you, the dept’er, in the driver seat. He never really goes into the “where to start to get out of dept if you are supper in the hole and still live life as it happens”. Now if I missed it please please give me a chapter or page number so I do not go around like an idiot. I am only let’s saying 50k in dept and that’s including two vehicles, credit cards medical bill loans. I know how this happened, lol. Keep in mind as a 24 year old male in a big city I had a 680 beacon this time last year then life handed me a few huge crap sandwiches one after another and I survived just fine. Just a bit of dept. now 26 with life by the balls im on a role building my empire one stone at a time. Thank you so much for the great advice. I may just read it over again since it has inspired you so much.

I want to thank everyone so far. This is exactly what I am searching for. There is a great value of knowledge on this site and I am honored to be a part of it.

Thank you Sir.

Please help analyze Owner Finance

Ok, I have been renting (the tenant) this single family home for 2 years. I love the area and plan to stay for a very long time. 5 acres at the end of a rural-enclave (means it cannot be sub-dived for any reason). It is on the backside of Orlando Florida where houses are booming and the new medical hospital (which my wife has signed on straight out of the nursing school and is awaiting final construction). This property is only going to sky rocket in the next 5 or more years. Comps roughly at 300k. I have paid landlord around 25k in rent so far. Has a 17 year old mobile home that I currently live in that really should be replaced with a beautiful home (which are my future plans). I do not count the mobile home as any value, just land value with impact paid. My father in law is a home builder and could swing me a great deal with even no money down if I owned the land with a smidge of equity.

Now my land lord who is a great family friend would love for me to buy this to raise my kids. In fact this whole thing is his idea. I would like to raise the kids till about high school (roughly 10 years away) and sell for millions and move closer to the coast with my fat chunk of change (subject to the future outlook of the immediate area). We have concluded on an owner finance (he lives on the 5 acre parcel next door and trusts me with great respect). He has told me to put a proposal together and we can talk. He is out of town for the month and will give me his asking price the fist of sept. (rent day). Then I will be able to build a proposal. I am thinking a 5-10 year plan. A set price for lets say 5 years to build lets say 50k or more directly to him as if he were my bank. Go to a title company and legally I will own the home/land unless I default on my end of the agreement. Then I have home ownership. I understand this is a very wild eyed way of doing things but my credit is trashed (rebuilding as we speak/ cash only!) haha. Wife credit is too young. Banks will laugh me out the doors. My income status is only getting better and my money management skills are soaring. This plan will make me not only a home owner but a land owner in a sought after area of town with 5 acres of land where 99.9% of homes in area are track home divisions with zero lot lines. It will also give me 5 or more years to get credit up and a secondary down payment/closing costs saved.

There maybe some areas I left out, it is getting late. I understand this is a bit outside of what the norm is for this forum but everyone here are professional investors and or very involved in real estate. I need someone to give it to me straight so I can build a proposal. This could be a great opportunity for my family and I to invest in our financial future. This property is only going to gain value.

Please help. Any input would be greatly appreciated!

Please help amylase Owner Finance

Ok, I have been renting (the tenant) this single family home for 2 years. I love the area and plan to stay for a very long time. 5 acres at the end of a rural-enclave (means it cannot be sub-dived for any reason). It is on the backside of Orlando Florida where houses are booming and the new medical hospital (which my wife has signed on straight out of the nursing school and is awaiting final construction). This property is only going to sky rocket in the next 5 or more years. Comps roughly at 300k. I have paid landlord around 25k in rent so far. Has a 17 year old mobile home that I currently live in that really should be replaced with a beautiful home (which are my future plans). I do not count the mobile home as any value, just land value with impact paid. My father in law is a home builder and could swing me a great deal with even no money down if I owned the land with a smidge of equity.

Now my land lord who is a great family friend would love for me to buy this to raise my kids. In fact this whole thing is his idea. I would like to raise the kids till about high school (roughly 10 years away) and sell for millions and move closer to the coast with my fat chunk of change (subject to the future outlook of the immediate area). We have concluded on an owner finance (he lives on the 5 acre parcel next door and trusts me with great respect). He has told me to put a proposal together and we can talk. He is out of town for the month and will give me his asking price the fist of sept. (rent day). Then I will be able to build a proposal. I am thinking a 5-10 year plan. A set price for lets say 5 years to build lets say 50k or more directly to him as if he were my bank. Go to a title company and legally I will own the home/land unless I default on my end of the agreement. Then I have home ownership. I understand this is a very wild eyed way of doing things but my credit is trashed (rebuilding as we speak/ cash only!) haha. Wife credit is too young. Banks will laugh me out the doors. My income status is only getting better and my money management skills are soaring. This plan will make me not only a home owner but a land owner in a sought after area of town with 5 acres of land where 99.9% of homes in area are track home divisions with zero lot lines. It will also give me 5 or more years to get credit up and a secondary down payment/closing costs saved.

There maybe some areas I left out, it is getting late. I understand this is a bit outside of what the norm is for this forum but everyone here are professional investors and or very involved in real estate. I need someone to give it to me straight so I can build a proposal. This could be a great opportunity for my family and I to invest in our financial future. This property is only going to gain value.

Please help. Any input would be greatly appreciated!

I have been living in my current home for almost two years. I rent at a very fair price. Its little over 3 acres zoned agricultural. land lord is a supper guy and a somewhat a friend of the family. He would love to sell to me because he has grown to love my self along with my little family. my three acres is the front part of a twelve acre ranch, witch I help out a bit. Land here in Florida is outrageous and I know property down the street like the one im sitting on is well worth 450,000.00. How do I get him and the bank to lease/rent me the property and concurrently allow me to pay down the agreed upon price and maybe even build my not so good credit. I will have no problem with a contract stating I will buy property. I plan to live here for a very long while.

Zilliow a good one? Anymore? :cry:

I hear there are a few web sites to calculate comps? Please post for us noobs. Im taking my next step as a bird dog in hopes this company given me a break to Mentor.

Thank you so much. Im happy to see iv attracted some attention from the big dogs on the forum. As Tyler stated, Im just selling my "info". And within my contract im just asking to be paid for "marketing research". I can put whatever heading on the paper i want.

If anyone would like to offer some more contacts just biased on getting paid for "info" it would be appreciated. Im not flipping the contract but I really would like to know how I could alter it or even add more sub-text to do so if opportunity is there. A does all contact!

That would be wholesaling wouldnt it? Im just bird dogging for quik cash. learing the ropes of what he does with my info. I have him a Fee Agreement to sign.