All Forum Posts by: Evan Wiesner

Land locked? In what way? Can you not access it by a current road or are there other issues at play?

9 acres is a good chunk of property and if it borders the lake but doesn't have access from a main road then you may want to look into the local statutes with regards to access easements. In most areas there are statutes in place requiring the allowance of access to any property. I would exhaust ALL options on gaining access before selling. Selling to a neighboring developer may be easy, but you may have a much more valuable piece of property than that developer will ever admit. Having been in Nashville two weeks ago I find it hard to believe that 9 acres on a lake is only worth 240K.

Start with the survey so you have a base knowledge of the situation for discussion. Then go, preferably with the neighbor, down to the city planing or other appropriate department. If you're both there they will be able to direct you on how to proceed.

All the directions here are great, but the local municipality will have to be involved as Kevin mentioned. Adverse possession is usually only claimed if there is a dispute involved and I would almost guarantee you that if the neighbor is cooperative then it's really just a redraw of the boundaries. But that will then lead to a change in legal descriptions on deeds/security instruments and other recorded documents. So starting with the city gives you the path to follow going forward.

FYI - We're just finishing one where we purchase a residential property crossing a lot line. The first lot was in foreclosure the second was not (bank oversight on the loan) and the city was hands down the most helpful party involved. Title, attorney, adverse possession, all of these were discussed in the process.

I completely agree with Robert. Good deals like that are not always easy to find. Sounds like you've got a peach and if I were in your shoes I would keep it as a rental. It's long odds you would be able to reuse the money right now for such a good investment so everything else is a risk. Even if the value drops 15-20% (not likely) you would still be in good shape.

Personally, I love them. On most homes they are a great solution as long as you know the real estate documents for your area and are comfortable with the negotiations. Local, or national, the sale of a home can absolutely be done yourself IF you have some experience in it.

On the other hand, if you don't, start by using a good broker. Check out the National Association of REO brokers for a group of very hard working people who know the business well (if you don't have another referral). Be honest with them about your thoughts and ask them to help you through a few deals. Most of them are very entrepreneurial and will work hard to keep you as a client and you may end up with a pseudo business partner. That's never a bad thing in this industry if you're working toward the same goals.

Make your VM message and email signature very clear as to what you do. As a buyer, when I get cryptic messages on either medium from wholesalers I ignore them. If I get a clear message and return the call my "first" impression is their message on the other end if they don't answer. If it's automated or doesn't identify them by what they do I hang up before leaving the message and I never call back. It's not always the best way I know, but I deal with enough opportunities that I'll just go find someone who takes that aspect of their business a little more seriously.

Chanelle,

When in doubt, plan on the worst case scenario. That sounds almost morbid but from someone who buys from wholesalers, if your rehab number is always light we stop talking to you. I would rather you err on the side of caution than give me a "pipe dream" remodel budget.

Work to eliminate variables, and be honest when you can't. If you can see the A/C and it looks to be in great shape, budget $350 for "servicing" and say HVAC looks ok visually. If you can't see it, budget $4,000 and say that you can't or didn't inspect so this is a "safe" assumption.

Same goes for the furnace, and other systems. Learn some of the expenses for local servicing and give an estimate as well as a replacement if you can't see. There's a lot that goes into it I know but having a framework to explain to an out of town buyer is a must.

As for electrical and plumbing, call local experts and get quotes for redoing an entire house. Typically both will run between $3,000 and $5,000 depending on market and age of the home. Learn some of the warning signs like exposed wiring and galvanized pipes. If you see them, explain to your buyers what you see and point out that they may be of concern and your budget does, or does not, include these line items based on what you can see.

Hope that helps. I can only speak for myself but as a buyer you'll get a lot further with me with honesty and allowing me to pass on bad deals than shorting these numbers. If you're honest I'll keep coming back until I buy one. If you're not, I'll go away a lot faster.

The bank hopefully should have told him. It could be condition, location issues, or it could be him personally (I've seen banks hide under this to avoid loaning). The reality is that it's probably the property. Is he having an appraisal done and are they outlining condition issues?

You can get it under contract but if you can't close it by either paying off the debt or securing a short sale approval you'll never be able to move it. You need to know all of your numbers on the house more than you would just a normal deal if you want to attempt it.

Hot or cold market doesn't matter. People lose sight of the fact that real estate moves in all markets, just differently and at an alternative pace based on other economic factors. In your market you don't even have to deal with the seasonality that most others have. 

Know your metrics, know how your money works for you and what you need to achieve with it, and be diligent in finding the right deals instead of just the next deal.

On the offering side, I would eliminate as many variables as possible. Inspection periods, finance contingencies, even just shortening the days needed to close can help put you in front of other offers. If you can't secure cash then you need to find a way to get your financed funds quickly.

To point 1, whoever you are borrowing from should furnish a letter and be willing to talk to the seller to explain how fast they can close your deal. That reassurance should help.