All Forum Posts by: Ralph E.
Ralph E. has started 40 posts and replied 96 times.
Post: Is it possible to creatively finance land with cabins through a private lender?
- Missoula, MT
- Posts 101
- Votes 13
I am looking into buying some land through a low down, low monthly payment owner terms.
Are there any creative finance strategies, to maybe have some cabins/mobiles/manufactured, etc., put on the property to help pay off the land and cabins/mobiles/manufactured, etc? Maybe find a private investor to help me achieve this goal?
I have seen post on CL for rent to own cabins, that are pretty inexpensive, and can be rented month to month.
Post: Is this a good land deal and if so could you find a way to make money off it?
- Missoula, MT
- Posts 101
- Votes 13
I am not sure. All I know is that it is listed on Craigslist by a broker.
Post: Is this a good land deal and if so could you find a way to make money off it?
- Missoula, MT
- Posts 101
- Votes 13
Here is the link for the land listing: http://missoula.craigslist.org/reb/3484270638.html
Post: Is this a good land deal and if so could you find a way to make money off it?
- Missoula, MT
- Posts 101
- Votes 13
What if you had more appraisals done and found out that they were all close to the $369,000? Could you, hypothetically, find some creative way to get the property and sell for a profit without using your own money?
Post: Is this a good land deal and if so could you find a way to make money off it?
- Missoula, MT
- Posts 101
- Votes 13
I saw 5 acres of land for sale for $180,000, but recently appraised for $369,000.
How would/could you turn this into a nice profit if you didn't have the money to buy it (after finding out the appraisal is accurate, etc.)?
Post: Has anyone ever bought land through "Owner terms" and then done a wrap around?
- Missoula, MT
- Posts 101
- Votes 13
I wanted to know if anyone has bought raw land/acreage through "Owner Terms/No Credit Check/Low down/Low Monthly Payments" and then sold it to someone else when the owner you were making payments to allowed a wrap around while making some profit? Or, have you bought inexpensive land, (say for $1,500 cash, etc.), then profited by flipping it to someone by asking for a down payment and monthly payments?
Post: New member from Missoula, MT.
- Missoula, MT
- Posts 101
- Votes 13
Originally posted by McKellar Newsom:
I lived in Bozeman in 2008. I ended up moving to Tennessee to get better deals. I never really looked in Missoula but worked Bozeman and Billings quite a bit. Butte had some deals but I (not sure if it was warranted) worried about the ground soil and even holes in the earth from all the tunnels.
Be careful about investing too rural of an area. I found some deals in rural areas but they make tough rentals.
You might at least consider Spokane. I never ended up buying there but prices were good from what I remember. You might be able to find some Spokane folks here. Also, I've heard some areas in Wyoming are great rental areas. Welcome to BP. mck
Thank you McKellar! I was think maybe the Bitterroot Valley might be better. They are raising the property taxes in Missoula again. Property taxes are high in Missoula I have heard from my landlord and a friend who owns a house.
Post: New member from Missoula, MT.
- Missoula, MT
- Posts 101
- Votes 13
Originally posted by Jon Holdman:
Unfortunately, I have bad news. Real estate investing won't fix this: "I am looking for ways to overcome: living from paycheck to paycheck, having savings that I always end up withdrawing from, etc." This is a symptom of spending more than you make, and making more will only temporarily help with this issue. Believe me, I suffer from the same problem. I make a lot more than when I graduated from college 30 years ago, but still seems to never quite have enough. In "Think and Grow Rich", Napoleon Hill discusses this very issue. Somehow you have to spend less than you make so you can save at least a little out of every paycheck.
Bad credit and no money is pretty much a death knell for buy-and-hold real estate. Even if you can manage to acquire a property with minimal cash (not easy) you still need cash reserves to operate the property. You won't get any sort of conventional financing with no cash and bad credit, so you're limited to some sort of owner financed deals. Unfortunately, sellers are aware of the value of such properties, so getting a good deal is difficult. Terms or price - hard to get both.
Rental properties don't spin off a lot of cash. Getting a few hundred a month, even if you do all the management and maintenance yourself, is about as good as you can do.
Lots of folks hold out wholesaling as a quick and easy way to make money. I don't believe its either of those. But it can be a way to get a foot in the door.
Watch out for gurus peddling miracles. Reading your introduction, I think you're looking for a quick way to make some cash. Real estate is often pitched as a way to do exactly that. But mostly by people who are catering to people looking for a dream.
Yes. I have heard that some real estate "Guru's" don't make money off the real estate, but off the information they try to peddle.
Post: New member from Missoula, MT.
- Missoula, MT
- Posts 101
- Votes 13
Thanks Rich. See you in a couple weeks.
Post: New member from Missoula, MT.
- Missoula, MT
- Posts 101
- Votes 13
Thank you. I am looking for some some quick cash to pay off debts, etc., but I want to start small and slowly work up to what would make me feel comfortable. I am looking for learning, not just about trying to make money from rentals. Anything creative (Buy maybe that is the Guru's). There is a lot more than what I put in my introduction that I want to learn.
It's also because I spend money on gas for the job I do, that I see a lot of my paycheck go bye-bye.