All Forum Posts by: Matt Ellis

I had a friend call me and ask about purchasing some land from someone he knew. He said the land is worth $100K. He said he we went to the and got approved for a 40K loan on part of the land  ( i guest it is sectioned off)and the owner wants to do a separate contract for another $20k ( his profit). Now my friend wants to do it but does not know if it illegal to have a contract with the bank and a separate one with the owner as well. I really didnt know what to say....can anyone help?

I like Steph Davis. Her YT videos are really good and she is straight to the point with no fluff

Thanks @Brian Gibbons. I truly enjoy reading your post!!!

I have a property that is in a good neighborhood but its very outdated that I am looking at. It needs about 20 to 25k in repairs and updating. It has a ARV for about 150K but it has a pool ( and we are in a drought) and a few of the buyers I had look at it does not want to touch it. I am hesitant to put it under contract because I don't know if I cand find a buyer unless I get it VERY low.

How should i approach this?

Thanks. Talking to you help me as well Karl!

I just had my first deal verbally accepted by a seller. Its a L/O assignment and i go meet the sellers tomorrow to sign the paperwork. VERY Excited.

I have to credit @John Jackson after going to his 3 day course where he laid everything out for me to get things going!

@Jeremy Tillotson There isnt any acreage with it. I do know a guy that buys commercials buildings so I might try and assign it to him if I can get it under contract. It would be very hard to keep it as a residential I think...

More to this. The seller is owner financing and it looks like commercial bldg that was converted to a house. It literally is the only house in a row of small shops.  The location is not that desirable. 

Anyone ever dealt with this...

@Rolanda Eldridge Not sure yet. I am going to get the Comps today and see what I can do from there. 

I was thinking to L/O but he doesn't want to do that.

OK so I spoke to the seller.He lives out of town and wants to get rid of it. The house is fully updated. He said in the last 2 years he put about 20k remodeling it.  Had to move due to family medical reasons.  I am still waiting in Comps but looking at the tax appraisal it has it at $60k. I know we should not go off tax appraisal but generally in the area,  the Tax appraisal has almost always come is lower than what it comps 

He want about 50k but he will not do owner financing ot L/O. He just wants to be cashed out. What can I do here?