All Forum Posts by: Whitney Blaine

The reason why I asked is because I know someone who is doing this. Both the previous owner and the new buy are on the deed. The new buyer pays the old taxes. I just wanted to know it it was legal and why someone would be willing to do that.

Is there a way around high property taxes....I know alot of people in so. Cal avoid moving up because of property taxes.

Can you buy a home and have the previous owner keep their name on the deed, to keep lower taxes? Is this legal, and of course this is with their permission...what kind of incentive would you give the previous owner for doing something like this?

Share your creative financing ideas!

I have a question. I want to buy this property and continue a split that is already in progress. after the split it would be 4 1 acre lots. Here is my question. If I have an investor put up the money, what is a fair return on his money? I'm guessing it would take anywhere from 1 to 2 years to complete the split and improvements. Thanks

Thanks for all the advice. I think you are right. I just need to get my feet wet, and learn by trial and error. Unforntunately, where I live it is hard to start out small....very expensive real estate...I will have to find an area that is not so expensive. I will search for a REI group in my area...I did a quick search and found nothing...but I will keep looking. Made some great contacts today...so who knows,

I just read Rich Dad Poor Dad,it was a good read and very motivational. It seems like all these books are motivational, and give you examples of deals they have found. The one thing I notice these books lack, is the actual how to. They talk about finding good deals,,,how some look good and could be bad on paper, and others don't look good, but could be good on paper. What is the formula for finding out if it is good? Or a postive cash flow deal? Or they talk about buy depreciating property that the government will help pay for. Where do you find these deals? I am just starting out...I'm pretty smart and learn fast...what is the best way to learn real estate finacial literacy? Books, websites, etc...

Thanks!

The map for spliting has already been approved. You don't think 500k would be sufficient to complete the split? I thought that would be way more than enough. Just talking to firends who have done this before.

Found a great piece of property, where I live. it is already in the process of being split into several 1 acre lots. lots in this neighborhood start at 1 mil. and average 1.5 and up for the lot only. We want to buy the property and finish the split. and sell off the lots. We would have to put in a road, and all utilities for this property and would want to make an nice entrance...since thia is an upscale neighborhood. We can't afford to buy it without selling our home...and we still wouldn't have enough. what is the best way to go about this? Do we borrow the money from a weathly realative? If so, what do we offer him? to buy the property and finish devolping it, would be around 2.5 tops...that is the purchase of the land and all improvements. i'm estimating high...we could probably buy the land alone for 2 mil. after the property is developed the lots on the very low end would be worth 1 mil each,,,but more likely 1.5. (there are several smaller lots listed for 1.6 down the street.) We would be doing all the work...what is a fair return to give someone for investing in a property like this....?

any ideas or thoughts would be helpful.

thenks

I did a google search, and it looks like they are under investigation. If it sounds to good it usually is.

How do you verify something like that? Can you ask to see the actual offer? Or ask who the people are? I don't think you can. So how could you verify?

I have since learned my lesson, to not be so forth coming with information. this happened about 8-10 years ago.

Some friends of ours had a friend who was selling a large piece of property...It was not on the market. We decided to go in with them and develop it. Meanwhile, while we were negotiating with the owner. Our realtor called me about a house that was just listed. I told him, acutally, we are in escrow right now on a piece of property. He asked where, I told him, and told him it wasn't on the market. He asked me how much and details about the property.

We never got the property, they ended up selling to someone else. months later I ran into this realtor and asked him if he knew anything about that property. He got all quiet and red faced and said. Oh, the company I work for bought it. He never told me that he was working for huge land developer in town. So basicall, he took the info I gave him, and went and scooped the property from us!

Can he do that?