Re: vacant HO wants access to home 2wks each yr - Posted by Eric Woolhiser
Posted by Eric Woolhiser on April 19, 2006 at 09:13:20:
Is this the sort of deal you normally do in your investing business?
Essentally what you’ve described is a time share. You could split up the deed into 2 week blocks of time, and buy the 25 deeds and let him keep the 26th.
Time shares are great ways for builders to sell vacation property, but they are a lousy way to buy property.
My original question is: Is this what you normally do for investing. If it isn’t you, should not try to conform yourself to fit the deal. The deal either makes sense to your business or it doesn’t. If you don’t already have a process for this, I suggest you pass on the property and look for another deal.
The other thing is to get the seller to deed you the whole property. Get him to recognize that his “offer” is not very marketable which is why REALTORS® in general do not want to deal with this headache.
I know this lady who thinks she’s a brilliant re investor, and she just went through a tripple foreclosure, including her primary residence.
She wanted to do a sale lease-back with her staying in as a tenant. She wanted me to find a investor who would capture 40K from the deal in a short sale, but since the investor was getting “so much money” she felt she should be able to stay in the property RENT FREE.
I tried and tried to get her to see that her offer was simply un-marketable. I approached many investors, but it was just good for a laugh.
Well, she’s doing a chapter 13 now, God bless her, but she’s not worth my time.