Updated 2 months ago on . Most recent reply
Looking for advice on a unique deal
Hello,
I recently came across a unique deal. An owner has 2 pieces of property. One is a knockdown with extra land that on a new development could likely do a 5 or 6 unit multi. The second is a cash flowing triplex. For both deals, he's willing to offer seller financing for both. The problem with the land deal is that at the price he wants there is no money to be made when you factor in cost of the land and building cost. The only person who can make this development work is the seller as he bought the land for next to nothing. The owner is 70 and not looking to take on that project. I'm trying to get creative in helping him develop the land for a promote fee either credited on the purchase of the triplex or a percentage of profits. The owner seems to be open to such a scenario. Anyone have any advice on how to make this happen that works for both parties?