All Forum Posts by: Michael Lee

Hello Jessica!  It's OK if he keeps the title until you resale and he must prove they make all pertinent payments or you propose you will.  List out the certain construction items to make by a certain date.  The existing owner needs to put up a non-refundable deposit (of about 10%) and will move out the day you close on the resell by a definite date.  Which also pays the balance of the agreed price you set and put into writing (2 or 3 years out).  

The existing owner could get a percentage of your profit, pays rent at or below currently paid debt plus pertinent payments that provides you a spread too (assuming he currently pays a couple percent above what you can get), and they might get a credit towards the set price you both agree upon provided by his rent payment.  

The rental payment should cover all important payments plus your spread.  That way you can  guarantee those payments are made before their due date by making them yourself.  It could be like a Lease Option or a Subject To.  The contract can be more flexible but spells out whatever you both agree on.

Your estimated profit must be worth your involvement.

Good luck to you!

Hello Kirk!  I would only take the money now, was if I had a good investment that needed it.

Hello Colleen! Sometimes the left hand does know what the right is doing. It's my personal opinion your possession counts on what the building permit department shows. There may not have a permit that shows the duplex being applied for to make a SFR.

There may not have a permit showing it was applied for but what you have seen must must have been a clue.  The zoning change may only effect the building permits given since it was passed.

There may also effect you negatively on what was done previously without a permit and apply to additional items required that are a part of that new zoning law requires.  

The possible costs may be paid by the seller to you that they might have known but did not tell you.  I am afraid that the new possible solution given previously will not help you.  I think the city building permit department may have to be who helps you.

Good luck to you!

Hello Edmond!  That was a couple of good tips!  Just know that most good deals will not need any of your money out of your pocket and there are lending sources other than banks.  Regardless of your primary geography area there are other "hot spots" that have good activity and know that areas real estate cycle and whether you should buy or sell on that part of the cycle that tracts pricing.  Is that going up or down or level?

Good luck to you!