All Forum Posts by: Will Parks

Anyone in the Dallas Ft Worth area developing 15+ acres of land, how do you evaluate an opportunity? Is there anything in particular about land development that might be different in Dallas than other surrounding areas? I know utility access is a big consideration, I would think having city utilities nearby would be a plus. And zoned appropriately for what you want to do with the land.

Technically speaking, yes a PML could give you a loan and take a 2nd position lien on all 10 properties. You risk losing all 10 properties if you fail to perform and then the lender has to deal with foreclosing x10. Are these super desirable properties that are going to appreciate quickly?

Don't know what you're wanting to use the 60k for, but assuming it's real estate, why not just approach a PML for the new deal you are trying to do. Then the collateral will just be that one property, the PML could even be in 1st position if the deal makes sense.

Reasons why I think I have something to offer:

-property sat for 4 months with no accepted offers, was taken off the market for 4 months, and now is back on the market for the same price

-I can give them the price they want, which they seemingly have not even come close to if the property has not sold yet (property is a 4 bed 5 bath on a lake, non-distressed)

-I believe they will have a big cap gains tax upon sale so creative finance could help mitigate that

-without working with a lender, the transaction process is easier & faster

-possibility of giving them interest each payment

Reasons why this might not work:

-seller is under contract with an agent, to possibly do seller finance my understanding is I would need to pay the agent a commission upon sale

-seller is probably not even receptive to seller finance if they are selling on the MLS

-without being able to talk directly with the seller I don’t know if they have a strong motivation or pain point

Do you agree or disagree with any of my points? Is it sketchy to try and reach out to the sellers directly and tell them we can work something out with the agent? If anyone has converted MLS to creative I would love to hear about it!

What are some good questions to ask a lender to determine if they are legitimate or a scammer? What are some things to look out for? Also, I’m assuming someone with a website is not a private lender.

Have any investors worked with or heard of this lender? I have not done a deal with them yet but was hoping to connect with someone who has. Much appreciated.

@Dave Jones I was able to work with Signature FCU for 100%. Not sure about a property limit though.

@Dustin Allen if going the fsbo route, is it recommended to work with a title company or attorney to ensure nothing blindsides you?

Looking to purchase some land in the mountains of NC. Already have the location and approx. size narrowed down, looking for some guidance on how to purchase.

Would like to hear some pros and cons to using an agent to purchase land. From what I understand, closing on land is much faster, less complicated, & less fees. Can a knowledgeable investor approach a selling agent and negotiate without a buyer's agent? Is it worth it to try to drive around/ask around for FSBO deals?

@Michael Douglas Welcome to the area! interested to hear about your experiences with ABnb, I am close to launching my first STR about 5 hours away

Would any of you all be willing to share what systems you have in place to accept and market your direct bookings?

I understand you need a Property Management Software (PMS) that can link to your direct booking website and some kind of payment processor. Just interested to see what people are using out there. Would love to see some website links as well.