All Forum Posts by: Bernard Chouinard

So I'm curious as to how folks are presenting option to sellers.   PDF? Simple Excel Breakout? Etc? 

Since a lot of this can be over the head of many sellers, I'd like to look into the best way to be able to email/mail them a document that explains the 3 options and I"m curious of the format most are using when doing this? 

For Example: 

Option 1 Cash

Option 2 Lease Option

Option 3 Seller Finance.  

Would love to see examples if anyone has any. 

Hello, 

Trying to figure out the best way to determine the value of 42 acres of land.  Any suggestions on how I should go about this? Land is located in Rochdale (Leicester), Massachusetts.

I'm actively marketing and have a very motivated seller on hand who is very interested in setting up a sandwich lease option.   I'm confident I run this deal but I don't know what I don't know and since this will be my first LO deal I'd like to bring on someone with experience doing this.  PM me for more details. 

This would be in Massachusetts. 

OK - So the big question I get caught up on is a very early on and easy question.  

Why did you send me this letter? 

Did you pull my address out of a hat? 

etc etc. 

So when marketing to a list, absent T or other and they ask why you think I want to sell. What do you say? 

Thank you Ann, that makes sense. 

Can someone help me out with understanding this.  I come across many properties where the owner listed in Mass Land Records is not the same listed as the owner in the Tax Assessor's office.  Why is this? How do I verify who the real owner is? 

I'm looking at buying a 3 unit that has a bar.  The bar is run down hole int he wall that brings in about $40K in GROSS revenues.  I'm thinking I"d rather see it a restaurant as it's equipted for it.  

Could I leave it as is and allow a tenant come in and remodel as they see fit? Or as the owner of the building do I have to do that then rent it out?  

Wow - where do I start.  

Talking to a 68 yr old owner of a 3 unit (3br, 3br, 2br) unit plus bar.  Rents are $2775 - This is under market but this is what he is getting today.    The bar he runs and pulls in roughly $40K GROSS per year.   He's about $12K behind in water/sewer/taxes.  $97K mortgage w/payment at $810 and a commercial loan monthly payment of $110 about $16K left. 

He's motivated and willing to carry the note. The bar is throwing me off.  This is a run down hole int he wall.  I don't want to be a bar owner but might entertain the idea of renting it out to someone to make into a breakfast/lunch place but having a liquor license is gold and will transfer. 

Asking price is $280K which I think might be reasonable.  What would you do here. I was thinking, I give him $12K down payment which is me paying back taxes but $12K comes off total price.  Subject to his 2 loan payments plus extra cash to him each month as he would carry the note but looking to have some kind of income.  

This an old grumpy man.. lol  Seems to be very poor at paperwork so getting all numbers from him was a  little hard off this first call I had with him. 

I would LOVE to hear others on if you think this is worth it and how would you structure an offer.  I need 22 months to season off a personal mortgage issue that is holding me back from a  conventional loan so I would be looking at 24 months for him to hold this note at which I would refi through a conventional bank. 

Would love any input and help I can get as this is my first property. 

@Collin Schwartz

@Melvin List Jason and I were co-borrowers co-owners on the deed he filed bankruptcy but did not include the house. I do not know why he didn't include the mortgage the only reason why I know he filed bankruptcy is because of it public information. I'm curious if he couldn't include the mortgage because he's a co-borrower.