All Forum Posts by: Nathaniel J Mott

I started an LLC to do junk removal. Some jobs are kind of like treasure hunts, you can find some cool stuff!

This is in Garner, NC.

I had an inspector come in to check out a house I have under contract this morning. The owner had been renting it out since 1985, and when the tenant moved out he neglected to turn the water/electric back on. The inspector told me we could re-schedule because he needs the utilities on to do an inspection, but that it was probably not worth my time. He noticed sagging in the floor indicating the main girder is probably broken, and water leaking in through the roof (it was raining at the time). He thinks it will be tens of thousands of dollars to fix, and said I should probably just get a GC to quote a tear down / rebuild instead of having him do an inspection. 

In order to terminate the contract, will I need a full inspection to be completed? He was very nice and didn't charge me for the inspection but I'm still planning on sending him some money for showing up. I lost the $1k in due diligence but don't want to lose the $5k earnest money. 

It seems like overpaying with seller financing is still a better deal than underpaying with a conventional loan. For example.

$100k house at 4% interest = $172k over a 30 year period.

$120k house at 0% interest = $120k over 30 year period.

Am I missing something or is the above correct?

I talked to her yesterday. She plans to sell the house, retire, and travel the world for a while before buying another house. This one probably is not a good option for seller financing because she still has a mortgage on her house and will need cash to buy another in the future.

I’m in NC and which is an attorney state (no title companies) but does anyone know if you can use the standard realtor purchase and sale contract when the seller is financing the deal instead of a bank, or would an attorney have to create a new contract?

If she wants to sell I’ll still likely buy this one with a conventional loan using a realtor but interested in seller financing for future deals.

@Buddy Holmes awesome response thank you! I’ve been texting her but made plans to have a conversation a TV 4pm today. I definite want it to be a win win for both parties. I would feel comfortable putting down $40k so maybe that would be enough depending on her situation. I’ll post again with more info after the call!

My friends neighbor told me she would like to sell her house off market in the Raleigh area to avoid realtor fees. She seems to he okay with selling it below market value because there are some needed repairs (siding, deck, paint, carpet, seemingly easy stuff).

This house would probably go for $320-$350k totally renovated but I’d like to buy it as a primary residence an house hack.

I told her I can’t really afford $300k and she said she “wouldnt expect anything close to that” so I’m hoping she may want to sell for closer to $250k.

I’m just wondering what is the best way to proceed without an agent?

I know obviously to still get an inspection. Then can I just get a lawyer to create a contract for us?

She needs the money to buy another house. I was thinking about proposing seller financing but not sure if it would work in this situation.

What kind of terms would you try to negotiate? Sorry if I’m missing any info pertinent to the deal!

I haven’t been able to buy anything since the market has been so hot in Raleigh NC, but just started a side business doing demolition and junk removal to build up cash reserves and make connections.

Hoping to connect with real estate investors who need clean-outs as well as contractors, people wanting to sell their homes, etc.

@James Edward thanks james that's a good idea to make a dba! I'll probably just make the company Mott Brothers LLC, dba mott brothers demolition

Well thanks guys. I think I'm going to start a new LLC without Demolition in the name. You live and learn haha.