Following for insight 💡

Hello BP Community! I've been listening to BP for years now and just now getting involved in the community element. Over the past 10 years, my focus has been on building a business consulting company, but travel has i...

I purchase properties in need of work and put sweat equity into them by doing a majority of repairs myself and then follow BRRR strategy.

That’s easier for a buyer to get into the deal, but for the seller it translates into them getting $38,400 for that same land instead of only $25k.The seller could also do a land contract, with essentially the same type of terms as with the owner-financed deal, the difference really being that instead of the seller having just a mortgage lien on the property till it’s paid off, they actually retain full ownership of the land until the contract is paid in full.I would have the seller tell you what they wanna get for it, then tell them you’ll add your fee to it and find a way to make it happen… and then come back a day or two later and tell them that you found a way for them to get their price, for you to get your fee, and for it to still be appealing to potential buyers… Then walk them through the deal, how it’ll work, explain to them how your way is more beneficial for them overall, explain how your way opens up the floodgates of potential buyers now, and most importantly explain to them that doing things deals this way is very common when buying and selling land, and how its really the only way for them to get what they want outta that land 👌If you act like an expert on the subject (or at least more knowledgeable than they are) I promise they’ll most likely just follow your lead because they trust you to get it done.And if they are truly motivated to sell, then they’ll welcome with open arms any creative thinking that will help them get what they want.Good luck!

If you or the tenant are not following the terms of the lease, that party is in breach of the lease and need to be put on notice with intention to follow through on the implications of the breach. 

AS a follow up foreclosure buyers in Las Vegas have it good also.. the sales are conducted in the parking lot of one of the local title companies.

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The investor also had no backup plan, and it was clear they hadn’t considered the potential risk if this failed - they just said "we would foreclose" - which if they did would (at best) provide single digit return...It gets even better, if they did get the borrower to follow their exit strategy, they would make around 13%...Here’s the problem: The gurus often make note investing sound like it’s just a game of persuasion, telling you it’s "easy" to get borrowers to agree to anything if you push the right buttons.

However, it's important to note that using leverage in an IRA can trigger Unrelated Business Income Tax (UBIT), and there are strict IRS rules to follow to avoid prohibited transactions.

This will be important for both your landlord and any legal follow-up.Notify Your Landlord: Since this is a rental property, your first step should be to inform the landlord.