Advice on how to proceed? - Posted by Valerie

Posted by Valerie on December 11, 1998 at 11:11:28:

Like many of the older generation, the issue for the owner is that he is 80 and doesn’t want to be a “bank”. He thinks that he won’t live long enough to see the payoff and wants his money now. There is no balance owed on the property. Plus he’ll need the money to buy another place to live. Zoning is not an issue since the property is outside the city limits, which also covers the mobile home issue. The mobiles are currently rented to people who have rented them for years and want to stay. We have so little rental property in our area that I know this property would rent quickly. I would really appreciate any advice on how to proceed so that I can buy this property - the owner is anxious but not very flexible.

Advice on how to proceed? - Posted by Valerie

Posted by Valerie on December 09, 1998 at 10:26:50:

I am a real estate agent and have a 3/1/1 brick on 2 acres listed for $65K which INCLUDES TWO mobiles! I’ve had a lot of tire kickers but no firm offers. I know this property is priced below market and the TWO mobiles sweeten the deal. How can I buy it without using any of my own money. The owner will NOT finance (he is elderly) or option. Suggestions? This property is a fixer upper but is perfectly livable as is. It would be a great rental property and I could also owner finance the 2 mobiles or rent them too.

Re:how to proceed?m/care/caide? - Posted by MilNC

Posted by MilNC on December 10, 1998 at 17:07:29:

Hmm. Seems someone should start a thread on advantages
or disadvantages of various ownership/interests to older people.

What about AGE is not making it possible for him to
owner finance? Could it affect his elligibility for
Medicaide or not, or for a nursing home. Could it
be about how he is showing income.
Maybe you can educate us all on why he will not accept
owner financing or option.

Ask why he needs cash? Would income (from a note) be to his disadvantage or to his advantage?

Is this an area where the rest of you more experienced
people can comment on this: should you avoid anything that sounds like tax advice ( I think so)but you could
direct them to ask their accountant about the subject)

Are the MH already rented? what is zoning? Would they
have to be moved?

I am only posing questions; I am not a realtor, atty,
nor experienced investor. I have no information
pro/con on whether the seller should sell outright
vs L/O or other solution. I hope to see some suggestions on this to help educate us all.