commercial property - Posted by Gwen Urwin
Posted by Gwen Urwin on July 01, 2003 at 17:05:33:
I am just learning about REI,I haven’t even scraped up enough for the course yet.I have no money, lousy credit,just LOTS of ambition to make this work.
In the meantime there’s a deal I have been eyeballing.I don’t have a lot of details,So I would like to ask your advice.
The owner owns out right and has been trying to sell for years.Listed with at least one realtor with no results,recently exspired.She’s in her late 70’s and wants to move closer to her daughter.She will not owner finance,even 10 or 20 %.Depending on what kind of day she’s having,she is asking 350,000.
The property is probably 13 acres,has a large THRIVING bar,needs remodeled,and a trailer court,I beleive there are 8 mobil homes,space for more.
I have a buyer,with good credit but nothing to put down.I would like to help her get into this property,and I would like to make enough on the deal to get me started.I want to do this full time.I think it would work as a rehabber,since it does need work.I think lease purchasing each of the mobil homes would be wise.
I am sure the owner would come down,especially since she insists on total buy out.
Do you see any creative possibility’s worth following through on?
I really appriciate ANY imput here,like I said,I haven’t even got the materials to begin to figure this out,luckily,there’s time,