All Forum Posts by: Mike Nelson

You guys have all saw it before, a large developer comes into an area, purchased a large piece of land and before you know it, you have a Walmart, Target and a whole new slew of restaurants etc. 

My question is, how do I go about finding out where these new developments are taking place before the general public? 

I've been able to get this info  from the permits office (they have to get permits to build) but I want deeper insight on how to strategically pinpoint that this is taking place. 

Scott a personal loan is out of the question.

Great input guys! I appreciate it, I'm meeting with several lenders this week to figure out what I'm going to do with this. The seller definetly needs 15k and he wouldn't budge at 10k.

Ok here's the story, I have a Super MOTIVATED homeowner who just lost his job, got a divorce and has no cash reserves saved up. He want's to walk away from his property but needs $15,000 to find a new place and pay off his car.

I offered to buy his home subject 2 and I'm trying to mash the numbers to make this work. Here's what we're working with, the remanding mortgage is $134,398 at 4.5% interest and PITI $919 the ARV for this property is $189,000. The property could rent for $1,350 a month but I'm leaning more towards selling it with owner financing. This property is also in great condition and needs 0 repairs as the owners actually renovated it themselves after they purchased it in 2011 as an REO.

What would you guys do? Also, what rates would you offer a private lender for the $15,000 for lets say 5 years.

Pascal - one thing I was told when I first started was "owner finance deals aren't found, they are created" market for deals in general and the sub2 deals will come.

Time to speak with an attorney that's knowledgable in that area. If the property has a mortgage you don't want to deed it directly to you or an LLC, instead you can put it in a land trust.

Great stuff! I will be rehabbing this and if I'm unable to find the money to hold it long term I'll resale it for a nice profit but I'm looking to hold it long term. I will contact mortage brokers to look for some "grannys"

Jon - I have no problem closing on the property. I'm just looking into options to hold it afterwards.

I have a deal that's under contract at the moment. I'm looking to purchase this myself and hold it as a rental. Banks are not an option in this case as I only have 45 days to close. Besides a bank, where would you go to look for a private money lender willing to lend for 5 years?

What I like to do is first look to see how much was in the actual estate. If it's under 100k (depended on the taxed assessed values in your area, if they are high then above 100k is a good rule of thumb if they are low then you can look at the estates under 100k) I usually don't look at the files. But if the estate usually has a large sum in it then I will look at the details of the estate. In the counties that I work in you can see the last residence the person lived in, that's usually the property that they owned. Then I will look at the information for the person filing for the estate and that's usually the person that I contact. Hope this helps a little.