Posted by Ed Garcia on September 15, 2003 at 10:38:31:
Juan,
I?m sorry to say that you haven?t given us enough information. For starters, you don?t tell us the motivation of the seller. That?s your starting point in this deal. You need to break bread with the seller and find out what their intentions and needs are and TIE UP the property. You need to work the seller for TIME. If you can?t raise the money to purchase, then how are you going to find the money to subdivide the property?
We need to know more about you and your circumstances. At this point with what little information you have given, I would suggest finding a partner to do the deal. A half deal is better than no deal. If you had the property tied up then you might approach the buyers who would be interested in buying from you. You have to be careful of circumvention.
Hi, I’m a newbie and I’m trying to do my first deal, Here’s what I’m working on:House on seven and three qtr acres for 120k. Seller wants 2500 dwn and 10k on Nov. 1st. Houses in area sell in 100s. What I was planning on doing was getting the house subdivided off the property and selling and then selling the land to a builder. I have already contacted a builder and told him I had some land for sale for 275k and he said he wants it. My landlord also and investor needs land for a 1031 and he said he wants it for 275k. Area is very nice and house and land is in already in a subdivision. Subdivision is across the street from it. My problem is I can’t come up with the 2500 and I know I wont have the 10 on Nov. What kind of a bank loan should I ask for to give him 2500 and another 10k and then to subdivide and paint the house up to sell?