All Forum Posts by: Thomas M Sims

@JOHN DALEY , I am in the very early stages of researching and purchasing an inexpensive piece of land next to a church that they currently use for parking. It is zoned commercial/industrial.  If the stars align, and the church agrees, I'm gonna build an asphalt parking lot on the land and lease the parking lot to the church for parking.  There are two additional lots adjacent to the lot I am looking at which long tern I would like to purchase and build a 4-plex on, I will already have parking in place.  Again, if the stars align...

What did you finally work out with the church for the parking situation?  Was a lease option even discussed? thanks, tommy...

@Frankie Lesowske and @Joaquin Camarasa  Thanks for the feedback.  I have a growing list of questions for the seller in regards to his tenants.  I will also request his lease agreement to review and ultimately I will meet with the tenants.  Hopefully they are perfect and I won't have any problems....:) 

Thanks again....

Good evening BP, I'm working on scoring my first deal which I found on Zillow (FSBO). The seller owns the property outright and is asking $70K. Both units currently rented and allegedly both tenants want to stay. While talking to the owner he disclosed that he was currently liquidating all of his properties and also had 3 additional SF homes on one lot currently bringing in roughly $1600 total so, he just became a warm lead for me(hopefully).

With that in mind I was considering the option of a straight cash offer in hopes of getting first dibs on his other 3 properties when he is ready to sell those.  Once we close and things settle out I'll take out a mortgage to get all my cash out (6 months or so).

According to the county records he purchased the property for $37,500 in 2013. I'm considering a cash offer of between $50K-$58K plus closing cost (no agent commissions involved) which is right in line with the tax assessment. BRRR calculation link below...

I can basically do a Buy, Rent, Refi vice Buy, Rehab, Rent, Refi.  Any feedback on this would be greatly appreciated.  thanks, tommy

https://www.biggerpockets.com/...