How can we structure this partnership ? - Posted by John and Karin -Wa

Posted by John and Karin -Wa on April 19, 2001 at 01:01:12:

O.K.We’ve done all our homework on moving two houses and have decided on only moving one. However, in our search for two lots originally we found two extremely well located and priced lots in a highly desireable neighborhood. Owner is willing to carry a contract for up to 2 yrs. He’s asking 45K a piece. We’ll be making an offer tomorrow based on buying both lots and cashing him out in 6mos to a yr. Is there a special purchase sale agreement we need for raw land?
The total expenses for moving and fixing the one house is 75K.Houses in this area of this size easily sell for 190K and up. While getting a bid from the contracter for site prep on the first lot, he said he’d like to go in partners with us on the 2nd lot (spec home ?) We’re interested since he has a line of credit with the bank and he has a very good reputation in this small town but we’re not quite sure how to go about structuring this.The reason we,re strongly considering purchasing another lot w/o a total plan is because Bellingham has a moretorium on building in the outlying areas and empty lots in town are scarce. This prime spot was just recently subdiveded and moving there our selves is a viable option (after we sell the first lot/house that is)
Thankyou once again in advance! Your previous suggestions have very helpful.