Supposed Developer advertising for Partial Owner Financing in MA
A supposed developer posted the Ad below. I answered him with interest, because I wanted to know more about this.
He answers me reply to him, and gives some basic info and a company name. Well like most normal folks, I look up his name and company to see if they are trustworthy. I could not find ANYthing so I asked him for more specifics.
He said he was going to meet, yet, I never heard from the BOOB again. He must have gotten touchy that I was looking him up, so he threw a potential opportunity away, because of his emotions. He never admitted or expressed anything. Just decided to pass on a potential lead. My loss or his?
Today, I have had another one blow me off. I am thinking of selling a property and I am getting these boobs calling me, claiming to be developers. Where did I advertise. Craigslist.
Found out that his LLC status was in jeopardy due to not renewing his license his in time. He told me that he was waiting on paperwork.
Further check did show quite a few transaction in Massachusetts.
Below is the Developer's Ad, that I answered
Builder Seeks Partial Owner Financed Land/Rehab/Multi Projects
0BR land. Available May 17 POSTED on JUNE 1st, 2014
Licensed Builder with 20+ years experience seeks Owner Financed or Partial Owner Financed Land and Rehab Projects. Construction Funds and Development Funds are in place for viable projects, financing requires Owner to subordinate minimum of 30% to 40% of purchase price to Construction Fund Note and Mortgage, remaining balance of purchase price paid at closing.
For example, $100k purchase price, Owner receives 70% ($70,000.00) at closing, holds 2nd Mortgage of 30% ($30,000.00) which is payable upon sale of rehab or new construction project. The 1st Mortgage will consist of 70% purchase price, in this example $70,000.00, plus associated rehab or required construction funds, road costs etc.
Can close quickly depending upon due diligence and permit status of properties.
Brokers protected
Interested in single or multi lots, single and multi family rehab buildings in Greater Boston, North Shore and Merrimack Valley Areas