All Forum Posts by: Ru Monsell

Beautiful .27 acre parcel on a quiet, country circle very near a lake with all amenities! Very low taxes and just 2 1/2 hours north of NYC and 30 minutes south of Albany. Many Catskills area attractions. Sewer and water in place, utilities underground, ready to build your dream home or vacation cottage.Plot is on the bend, and can be situated to face either of two directions.Assessed higher, but must sacrifice at $5,250 or best offer due to death of spouse.Call or email today.

Wonderful two story farmhouse on 3.5 acres in Warren, ME, right off rt. 90, 1/2 mi. from route 1. Easily accessible to Rockland, Camden, Waldoboro, Damariscotta. 

Very good shape for its age (1860) but needs some TLC and updates, mostly exterior. Beautiful wide pine board floors and architectural details, in a great location, with massive old trees, fields and a two story barn/garage.  Partially furnished with antiques.

Do the renovations and sell it at a profit. Professional inspection report and prospectus with photos available on request.

Would love to wholesale a house I just bought.  How do I search for a buyer who is interested in doing renovations?

I am hoping for some experienced input before I proceed with a deal and closing.

I have a seller who has agreed to sign my purchase and sale agreement.  

FMV is around $100k; I will pay $76k and put in $20-30,000 before lease optioning it with a sale price of between 130 and 140.

I will pay $5000 cash at closing and the balance of her mortgage, $71,000, subject to her FHA subsidized mortgage.

I will be making mortgage payments from a land trust in the name of the property.  I will keep the existing property insurance in place a supplement it with a second policy. 

My experienced real estate attorney here in Maine feels this should not be a problem.  Should one arise, I'm prepared to settle the loan if it is called. The lender will not be notified of the transfer of the deed. We're keeping it under their radar. 

Comments? Opinions?  Similar experiences?  All appreciated.

Thanks, Ashley!  Have you dealt with a 501 USDA loan?  Anyone else out there who has?

Seller is fearful government will find out she's not living there anymore and we'll both be in violation of some federal law!

I would appreciate guidance from someone who's actually done this.  The seller seems to think it's fraught with complications or that my buying it subject to her financing will prompt problems from the government.

Is it important to have an Option to buy agreement and a Lease Agreement (same deal) notarized?  And then, how do I record the agreement?  

Am doing my first two option and lease agreements and want to miss nothing important.  I'm in mid coast Maine.  Thanks!

Ru

Hi Susan,

Tthere is a Southern Maine Real Estate Investment Association which meets once a month, usually in So Po. Get in touch with the president, Tim Callahan, at [email protected]. They meet on Wednesday nights.

I usually can't get there from the midcoast, but would be happy to hear from you.

Ru in Damariscotta

Eric, welcome to REI and BP. I'm in Maine too (mid-coast) and also in my first year.

You should be aware that there is a Southern Maine Real Estate Investment Association which meets once a month, usually in So Po.  Get in touch with the president, Tim Callahan, at [email protected].  They meet on Wednesday nights.

I usually can't get there, but would be happy to hear from you.

Ru in Damariscotta

thanks Bryan, can you ask your friend or put me in touch with him or her?

Ru