All Forum Posts by: Alex Cervantes

Jackie,

Thank you very much for your input! I feel more confident about this already. I'd prefer receiving the money up front but I'm not opposed to getting a steady income from it. However; if I went with the latter I'd probably want a bit more up front. Thanks again!

Alex Cervantes

I have some lots for sell in Cedartown, GA. They are zoned commercial and altogether they are a bit under 2 acres of land. There are 6 lots of mostly cleared land in the front and 1 bigger lot in the back. The lot in the back is considered to be in a 'flood way' but can still be cleared and used for something. There's a small creek that runs near it.

Earlier this year I was offered 110K out right. However, since the one lot that is in a floodway was going to cause issues when it came to building, it slowed down the process. The buyer offered to put up a down payment but wanted 120 days of due diligence to try to remove the zoning issue with the back lot. I said I could accommodate if the down payment were non refundable. It seemed like it was a go, and I knew through contacts that they were at the city inquiring already. I assumed he was just trying to get all his ducks in a row and stretch out signing anything before having to do a non refundable payment. I let it slide. However he then went ghost for several months.

He has now came back, after doing his homework I'm sure, and says that he can't do anything with the back lot since it's in a floodway and that the city will not allow him to build town homes like he wanted but has ideas for building something commercial. But since he can only do parking space on the back lot, he can no longer buy out right since that back lot is pretty much useless to him now. He asked if I'd do seller financing and that the city says it would take about 5 to 6 months to give him the necessary permits to start building. I said yes, although I've never done it before but this is where it got interesting.

I was thinking of getting 20k up front and adding some sort of annual interest to then get me maybe a total of 120k-150k in a span of 5 years. Before I could tell him this, he offered 20k up front and another 40k in 6 months once he knows he can get the permits... and that's it. Half of what we initially spoke about! I told him NO, but even though he insisted on the back lot being useless, I could tell there is still some interest.

Any who, even if not for him, I'd like to see what help or options I could get in getting creative with this seller financing. I know there's some creative ideas out there to have people show more interest. Like I said, I've never had to finance anything myself so I'm not sure if there's a set way to do this or if there's different ways to go about it. Can I ask for a non refundable deposit and then give him time build, once he knows there's the possibility of money coming back then charge more after a certain amount of time for not paying up front?

Any help or ideas are greatly appreciated! There's a link attached to the tax assessor's page showing the 7 lots. The one that's completely detached from the rest is not for sale!

https://qpublic.schneidercorp.com/Application.aspx?AppID=690...

Thanks all! I just flat out asked her if she had the power to sell at any price she wanted or if there was a realtor involved looking for a commission? She said she still had the freedom to sell at whatever she price she wanted. She only has someone helping her list it but doesn't have exclusive rights to sell it. The term she used "FOR SALE BY OWNER AGENT" completely threw me off. Thanks again everyone.

I have a motivated seller that's waiting for me to give her a cash offer, but I looked her property up online and it seemed like it might be already listed with a realtor. I asked her and she said it's a "FOR SALE BY OWNER AGENT" that's listing it for her. She said "it's not like he's a licensed realtor..." Should I make a cash offer or should I walk away from it? First time I hear that term used... The house is listed on Zillow, Redfin, and Relax. Not sure if that means it's actually listed with a realty company though. Forgive my ignorance but it's a first for me. I appreciate the help!

Hey everyone,

Is there anyone here working real estate in Mexico City? I'm doing a bit of self education but there isn't much info on real estate in Mexico. There's plenty for the U.S. and it's ok since I plan on going back in about a year or so, but meantime I'd love to be able to work with someone in the market. I'm willing to work for free as long as I learn. I'm willing to dedicate all possible free time to this. Also, if you could go back to give your newbie self some advice what would it be? :)

Thanks all in advance.

Alex Cervantes

@Rachel R. @Marvin McTaw 

Thank you both! :)

Hey everyone I'm new to the Real Estate game and I'm looking for that one peice of advice, inspiring words, or kick in the head that experienced people would have liked to have heard when they were starting out. Also, are there any newbies like me in the Mexico City area that are willing to connect?