All Forum Posts by: Aaron R

Welcome to the site Missy...Theres tons of info here and always someone willing to help you out...

Dont be a stranger...

I just made an offer on 126 treed acres with a pond, paved road access and water and power.

Their are a lot of lake resorts in the area and would make a great campground with year around mobiles. It has great hunting on the property, but really limits what you can do.

Its close to a airport and about 20 miles from a big town.

Anyone ever known someone to do this? I love the outdoors and this is the first thing i think about. More ideas are more then welcome.

Or would selling it make more sense? Its right around 5k an acre.

A man contacted me from one of my adds and here’s the deal.

He has an assigned contract from the owner for $124k...

He then has it lease optioned to a couple occupying the property with a price of $155k on the contract...

The option is coming due and the couple cant get it financed...And he cant pay off the mortgage without them getting financed...

What would you do?

The average comp in the area is $150k and in a good part of town.

Get him to assign you the contract, put it on MLS and try to make a couple grand?

Run away, far away?

Statute of limitations has past?

Well if I would have found this thread a couple weeks earlier, I could have saved some time and effort.

First offer I put in on a REO was to a realtor that was sitting next to me at a seminar or investing.

The email I got back almost made me blow a gasket. She basically told me " offers this low are just a waste of my time and I’m way to busy for this." This seemed funny since while sitting next to me she explained that slow that she came to the seminar to find another to make some cash flow.

Move on right. Well I threw a add on craigslist "Looking for RE agent" and explained everything I was planning on doing down to a T and to not contact me if are going to email me crying one day because nothing is going thru.

Found an agent and he doing ok, I just hate the fact he calls and emails about every little thing. I gave you the MLS# and the offer, you have all my info and I can get you what ever you need in 24. I need to be called every time something small is going down.

Now this last week I started looking for another agent in WA and found a guy that seemed willing and was explained what I am trying to do. He email back sounds great, let me know if you find anything. Email him 5 MLS number with offer and a list of addendums that need to be added.

He emails me back today. Quoted from the email “Also, banks will no longer allow the assignment of interest in a contract. "

Emailed him asking at what time did "all" banks start to not allow this clause...

Waiting to see what he says.

Alot of big banks will list them on thier website....

Or if you have a good relationship with your bank...ask if they have some.

Are you searching on the internet? What are your keywords that you are using?

Looks like I might need to take a drive next weekend...Thanks

Love that answer. Lots of truth in it.

Mine would be bordering state land in N Idaho. Less then a 1000 sf and no one for miles?

You?

Owner sounds very motivated to sell. Offering owner financing. The area has a high amount of recently sold homes in the area.

Im still waiting on all the exact numbers from the owner, but as is they are offering it at less then 50% of the average comps.

I know that alot is more needed to get the advice that will really steer me in the right direction.

I will update as soon as they get back to me.