All Forum Posts by: Timothy Bormuth

This success story is not about buying my first property it is about research on it that that saved me a lot of trouble and money.
I tracked down the previous buyer he told me he put $10,000 in the house but a federal agency told him he couldnt use the rest of the land.(Can anybody guess why?).So he just walked away .So for a education I called the following
A)US Army Corps Of Engineers
B) State and county agencies
C)Real Estate Lawyer
What a education I recieved and it was all free!!!!!
My emotions ran wild when I first saw the property the owner said I could use all the acreage,I was just real glad I did my research. So I guess the point of this is to always do your own research no matter what your told.Now on to a question.
Im going into the VA hospital to have both knees operated on.While Im laid up I have read about virtual wholesaling . Has anybody done this is it possible to buy and sell real estate just by your computer?Any suggestions on how to get started.?
Any way Have a Great Day
Tim
This is a really cool site :D

Welcome
I am new here to joined a couple of weeks ago.the members here are great,the information they provide is awsome . Great site
:D

Deal
3 bedroom house needs rehab
52.70 acres (50 acres are wetlands)
2 acres are zoned commercial ,residential
asking 250,000.00
sewer not connected
My Plan
1)called contractor about sewer meeting thursday
2)got permission to enter house to see amount of rehab
3) called county about wetlands did no budge

Dont know if I could flip cause of wetlands

1)Was thinking land contract rehab house, keep for myself or sell later.
2)I dont know if a investor would be interested because of wetlands.
3)keep property and sell the 2 acres
4they did seem interested in if I dont want the property I could rehab the house

Any advice or suggestions Please

If anything ill make money rehabbing the house and gain expierence.Im not sure on my offer price Iwas going to tell them if land contract little earnest money or DP because of cost of repairs

Thanks
Tim
Have a Great Day

See previous post
Details
3 bedrooms 1 bath needs complete rehab
51.49 acres (50 acres are wet lands)
sewer line needs connecting
Asking price $250,000
2 acres zoned for commercial and residential

My Plan
1)called contractors about sewer line meeting thurs for
estimates
2)called county about wetlands (would not budge)
3) House I can do myself got permission to enter the house will do thursday

Plan
1)Flipping to end buyer (who would be interested in 50 acres of wetlands.?
2)Land contract keep for myself rehab house sell later tell them expenses would tie up to much cash for a big downpayment or large earnest money deposit.
3)They also seemed keen on the idea of me just rehabbing the house.

Offer
dont really know what to offer just yet untill estimate on sewer line and me checking inside of house.my main concern is the wet lands. This place has been vacant for a while.Maybe I could sell to a developer.

I am open to any ideas or suggestions.If anything ill get expierecne and make money rehabbing the house but IM not giving up.I told the owners Ill give them an offer by Monday.

thanks
Tim
Have a great day
:D

I walk 2 to 3 miles a day to get my weight down.I found a vacant house on a country road,by the looks of it its been vacant for a while a neighbor down the road told me somebody tried to fix it up but stopped about 2 yrs ago. he said it has 6 acres but 2 acres are wetlands.Its has a
two story house on it and a barn in bad shape
My tasks are
1) Do property search to find owner then send letter.
2)check court house for liens and judgments
3)Call zoning to find out how it is zoned
4) Maybe see if I can get a look inside through a window.
Let you know what happens

This is a great site
Have a great day
Tim
I found a property and lost a pound or two
:D

First let me say this is a great sit Im glad I joined.Now to the question

If the end buyer signs a contract with me for a property then backs out lets say a week before closing am I still responsible to buy the property from the seller?

Anyway started on my buyers list.
Take care have a great day
TIM :D

Tim