All Forum Posts by: Cliff Benner

 With a unique property like that, you could accelerate the loan payoff, and seller finance it when you go to sell to get the maximum. 

 I would doing everything the same regardless of family, friend, or stranger. It helps to prove to those that this is a contract and disregards relationships. 

For instance, you contact says 12 months, you ESTIMATED 6 months, but now its month 8 and wrapping up but Thanksgivings weird because Uncle BOB keeps saying you promised 6 months and you are just stealing from him, but he agreed to 12 months and you are still able to keep that problem because you extended that out. 

 Was your initial intent to flip it and sell it within that 16 months? I have wondered how that works with businesses with getting paid during the time and the consequences of the gain when there is a lack of real estate to offset it. 

I see these for sale often, usually a smaller mom and pop style one. I am sure most go in a creative situation since most relies on repeat customers and a few have that reoccurring revenue that lenders love seeing. 

I was just wondering about this for one of my clients, great topic though.

Hey! 

My assumption would be that you would have to update the property to meet Commercial Zoning codes and file for USE permits that are commercial as well.

Might be worth a call to the Zoning and planning agency in the area to see what it would take and the application process for it. Then you have an idea of what it would take and timeline just for their portion. 

you could offer to pay the realtor what their commission would be and set up a monthly payment to them or a % down and the rest when you refinance. Essentially, do what it takes to make sure they get paid. 

How did you guys find these properties?

 That sounds amazing! I hope to do that more with my family. I have started to miss hunting, game just has such a good flavor to it, but hiking a random mountain just feels like home. I haven't gone bird hunting before but have done skeet shooting and fair pretty well with no practice

 Aks, 7mms, shooting a few times a month, and real estate.... you need a friend Jay? haha