Re: 2 Acres of land not as good as I thought - Posted by Bill
Posted by Bill on March 11, 2002 at 22:27:54:
Here’s a few ideas to think about.
It seems that the current noteholders are not interested in foreclosing (they sent the quitclaim deed back). If this is the case, then you might have your mom sign the property into a landtrust controlled by a LLC that you set up. You will then have control, because you will be the new beneficiary of the landtrust via an assignment of beneficiary interest. Once you control the property, you might then elect to sell and clear out the note (have you asked the noteholder if they will discount yet?)
You might also think about getting another low priced mobile and put it on the land, then sell the package and carry the paper or rent it out for cash flow.
Either way though, I personally would not make any payments to the noteholder at this time. If they are not going to foreclose, why make payments. Just set aside the payment money into a separate account in case they change their minds and you elect to pay the money, so you will have it if you need it.
As an extra thought, you might see if you could put more than one mobile on the land. How about 10 or 12?
Either way, if you just sell it or if you create cash flow off the property, maybe you can get it to pay you. Once it is paying you, then start making payments to the noteholders.