All Forum Posts by: Uday Kumar

@Zach Wain Thank you.

 @Brad S. Yes the buyer will live in it and fix it to get a bank loan.

Here is what I gathered from an expert. Lease option can be a bad deal if anything changes in the tenants life and they will try to take it out on you. Such as calling code enforcement to show defects, blackmailing to get the down payment back, etc. Unfortunately this is not going to work. Thank you guys. 

I have a buyer thats willing to buy my fixer upper house as lease option. He wants to fix only the essentials to qualify for a bank loan. He is asking if we could put the sale price as what ever it will appraise for when he is ready for loan. Is this possible? I always heard that we need to agree on a fixed price first. How can I make this deal with him? Thank you in advance for your feedback.

I would wait if they can show some proof of intent to move out and keep updating you. Most people will leave as promised unless they are in a situation.

@Anthony S. @Adam Lacey Thank you guys. Hiring an Engineer sounds like the best next step. I will look into the 
CLOMR/LOMR.

Thank you for the valuable information Barry. Planning Dept is willing to help and gave some info. I guess Im trying to figure out the approximate developed value, even if it is a range. I am not planning to spend money on survey, engineer map, ESA etc. just in case it turns out to be a bad deal. Maybe I should start with showing it to a developer for feedback.

How to calculate the price you can pay for raw vs developed land. I am trying to do feasibility analysis on a 8 acre multifamily raw land I got under contract in Lexington NC. 2 blocks from i-85 business and 1.5 mile s from downtown. Its in the neighborhood with mostly rentals and single families are sold for around $100-120/sqft. Creek running thru it wasting some land, 5 acres to remain to develop and build. Need a culvert over the creek to access the whole land. Wondering if I should develop or wholesale.