All Forum Posts by: Nickolaus Banks

Thanks Erica, I went to that website and found the case. It was very interesting and gives some more information on what is gong on.

I just found a a buyer for this property and would like know the best way to go about the closing process. I am buying with private money(Dad). I bought with private money(47,500 at 6% for 5 year term). Below is what I am selling it for:

65,000 purchase price/10,000 Down/Financing 55,000 @ 7% Interest for 10 years

What would be the best way to approach closing on this matter? Would I have the buyer sign a land contract or contract for deed now and just make it contingent on me closing on the property? Could I just schedule my buyers closing the same day as my closing?

Thanks again to everyone for the advice!

Thanks James and Jeff,

I appreciate the feedback.

Jeff,

The property is located 14 miles south east of Bixby. The land has electric and water available. Its a nice piece of property that is partially wooded. I have several ideas for this property. We originally thought about building out there and moving, but our plans have changed.

1st option-sell. 

2nd option-split and sell

3rd option-buy, build home, and sell

4th option-buy and hold(put a few tiny homes or nice front porch style single wides and  a horse barn). 

Feel free to contact me if you know someone that is interested.

Thanks

I signed a purchase agreement through a broker to buy 15 acres. The land is 15 minutes from Bixby, Oklahoma. From what I understand the property is going through the probate process. I signed the contract January 1, paid my earnest money, and closing was projected for March 1. It is now April 1, and the seller wants to extend closing. My intent with this property, is to sell with owner financing(54,000 at 7% for 5-10 year term/6,000 down). I bought with private money(47,500 at 6% for 5 year term).  Below are some main question that I have regarding this situation.

1. If the seller does not close on projected date can I get out of contract and receive my earnest money back?
2. If the seller wants to extend the closing, can we modify the contract and, for example," for every day that closing is extended, there will be 100 dollars deducted from original purchase price"
3. Can I start marketing the property, before I close on it? Once I do find a buyer, can I have the buyer sign a purchase agreement before I close on the property?
4. What is the correct way to sell with owner financing? What needs to happen to deed and title? Correct contracts?

Any advice would be greatly appreciated?

Thanks,

Nick

I hope everyone had a great Christmas and New Year. I just wanted to send out a reminder for tomorrow's meet up at Buffalo Wild Wings in Broken Arrow at 7pm.  I had a great time at the last one and am looking forward to tomorrow's meetup.

It was great meeting everyone at the meetup yesterday evening. It was very encouraging to meet other people in the community with the same passion and mindset about real estate and am looking forward to our next months meeting. If you weren't able to make it yesterday, we all decided at the meeting that we would like to make it a monthly thing. 

Next meetup is Tuesday, January 5th at 7pm. 

Hello,

Hope everyone had a good Thankgiving. Just wanted to send out a reminder and make it official about the meetup. It will be this Tuesday, December 1st at 7pm. Location is at the Buffalo Wild Wings(enclosed patio area) in Broken Arrow. I hope everyone can make it and am looking forward to meeting everyone.

It looks like December 1 at 7pm is going to be a good date and time for everyone.  So we will set that as our concrete date. For the location, I was thinking about Buffalo Wild Wings (I spoke with the manager and he said they have an enclosed patio area that will hold up to 25 people) in Broken Arrow. However, the location is not set in stone yet, so If anyone has any suggestions on where to meet up, structure of meetup, or any other details, it would be great to hear them. I was thinking during the 1st meetup we could all discuss if we would like to make the meetup a regular thing and if so work out the details during our 1st meetup. Hope that sounds good and I am excited about the meetup!

My apologies regarding last post. Tentative date is Tuesday, December 1. 

Awesome! Thanks to everyone for the  response and  interest! Lets just plan to meet up Tuesday, December 2 at 7pm in Broken Arrow. I am just throwing this date and town out there tentatively.  Any feedback or suggestions on what day and location would be best for everyone is welcome. We will try and nail down a specific date and location by the end of the week. Once again, thanks for the replies and I am looking forward to meeting everyone. 

Hi,

I just started investing in real estate in the Broken arrow and Coweta, OK area this past year. Is there any type of meet up group in this area? Or perhaps local REI club? If not, I would like to get one going. If anyone is interested in meeting up just let me know.

Thanks