All Forum Posts by: Phil Councilor

I may have an option contract to sell soon.  I have contacts in the building industry, and my original intent was to sell this as a teardown opportunity (it's in West St. Louis County so the land is worth a good amount).  However, the house is a former duplex that has separate utilities, egresses, etc.

On top of that I found out that the smaller frontage of the lot means that the municipality in which it's located probably is not amenable to allowing the lot to be split.  So my question is what approach you would take to finding non-builders (i.e. investors) to sell the contract to?  How would you go about finding them?  I'm new to this and my contacts are on the building and appraisal side (not the investment side).  Additionally, with my full time job I will not have much time to devote to this in the next 2 months or so.  Any ideas?   I couldn't figure out how to post this on the St. Louis local forum so here it is.

I may set up an option contract for a portion of an existing lot.  For those of you who have done this before, did you get everything surveyed so you know what boundaries to put in the option contract, or did you contact the attorney first and then get things surveyed?

I wonder if there has to be a surveyed demarcation on the contract or if a lawyer can draw something up that says "half of the existing lot" or something similar and then you get a new property line surveyed.

I don't want to get left holding the bag on surveyor fees if the current landowner changes his mind before a contract is in place.

I assume loan availability is based on the amount of existing assets of the LLC, correct?

I have heard of people (who own land) who partner with a builder and split the profit after a house is built.  Is it possible to go to someone who owns land, offer to purchase their land provided such a deal is reached with a builder, and then go to builders?

I am starting with a low budget and am trying to be creative.  In the above scenario, perhaps the "middle man" could even opt out of the process entirely after linking builder and landowner and take some sort of fee form the builder.

Has anyone ever heard of this?  Is this even possible? 

Ned, thanks for taking the time to post a reply. 

Hi, I'm totally new to this and purchased a couple of tax liens.  Does anyone have a template of the notification letter that must be sent to the current property owner?