Posted by RRSmith on October 22, 1999 at 07:32:41:
There are two deals in the works right now that are “sheets” deals. The method is to sell the lot next door (included with the SFH(s))and greatly reduce the closing costs and down payment. Actually both deals turn into zero down when this method is applied.
The problem is (the same one your having, this is my point) country raw land has little turn over and is very non-liquid. That is you have “Baby Boom” (Diane Keaton movie) syndrone of about a offer every 2-3 YEARS (NOT months).
You will have much more luck doing what I am doing BUILDING (conversion of a barn to 2 apts) equity though property improvement, remember you can apply 75% of the income of the rentals towards the payment of the loan for qualif. purposes. In real life I would say the place is $800/month positive, after PITI, utilites, maintenance schedule, etc. You should try and examine any kind of higher use the property can have, x-mas tree farm, nursery, road side stand for a near by farmer etc. This will make it more valuable to a L/O.
Posted by Chuck-NY on October 21, 1999 at 23:32:00:
I just started reading “Deals on Wheels” and when
Lonnie talked about scarecity of land for mobile
homes it triggered an idea.
I have 24 different parcels of vacant land in and
around Lake Elsinore Ca. Is it possible to sell these parcels to someone with a mobile home??
These parcels were inherited 5 years ago by my wife
and her 3 siblings. What we have here is a very bad
case of “don’twanteritis!”
I was put in charge (actually I volunteered) of
trying to sell, trade, or whatever.
Any ideas out there…flexible terms, creative
financing??? They want OUT!!
If anyone is interested please e-mail me and I will
fax you the ap numbers and particulars.
Any ideas would be GREATLY appreciated…
I would even pay a finders fee!!!
You guys are GREAT!!!
Posted by ray@lcorn on October 22, 1999 at 13:45:32:
Chuck,
Do you have any information on the current zoning category of the property, the permitted uses for that category, the access, the availability of utilities, and the surrounding land use? It would also be helpful to know the size of the lots and whether the parcels are contiguous, or just close together.
Chuck:
We are looking at a RV park & Marina note deal right now in the Lake Elsinore area.
These lots can more effectively marketed either individually or as a group IF you are willing to offer owner financing. You can target individuals who want to buy one lot move a home onto later, or a mobile home type park developer who might purchase ALL of the lots from you as a group and then in turn he will market them out to individuals.
if you set up the owner financed terms correctly in the deed of trust & note instruments, and get the right buyer with some cash down, you can have INSTANT liquidity for that deed of trust and can easily convert it into CASH.
Visit us at www.americannote.com of call toll free for more assistance 800-659-2274
Chuck I have seen land like this on the internet auctions. Seeems like they get some good prices to. Thing is most have pictures of the land or lots---- if you get someone to take the pic’s think you could sell them fast and somewhat easy. Yahoo , E-bay are 2 big ones but you already probaly know this— just check them out in the Real Estate section bet you will be suprised