All Forum Posts by: Olesya Richards

This is more of a question than a diary. Here is the backstory. We found this amazing deal for an 1 acre lot that would normally cost 4x from the price we’re getting it for. The only issue is that we would have to develop the road that goes to that property. It also has drop offs on the property and there is a need of retaining wall on both sides of the road that would have to be added as well. You can’t divide the lot to resell unless you invest in the road development. The cost of development is unknown and it would take weeks to get an estimate on that. That road could be built by the city but there is no need for them to do it now. So I’m wondering if there is a way to convince the city or should I not even go there and look into partnerships on trade basis for the road development? I’m in the Utah County area and would love to learn about my options. Thanks in advance!

@Kevin Romines this is such a great advice! Thank you for detailed answer.

@Kevin Romines thank you! It all makes sense now. What is the proper way of determining the value of the house? Is it possible to do it without involving a realtor?

@Bill Brandt yes, I tried the calculators online and they would give me similar errors. But unfortunately, these are the correct numbers. So we’ll have to request the balance from the owners after all.

Hi, 

I have a friend who purchased a house on seller finance terms. The original purchase price is $165503.44, 10% APR, $700 monthly payment. She started paying on 09/14/2017. Now she wants to get out of that contract by selling the house to me. But she doesn't know her remaining balance. The guy who sold her the house is in his 90s and is hard to get in touch with. So we're trying to figure out the remaining balance without involving the family. Any calculators we could use? Any advice is greatly appreciated!

If you are a wholesaler, how do you justify offering a low price for the property in a very high priced market. Because in order for you to make a profit, the offer has to be so low. I understand that we’re talking about people in distress. But what is the value you’re providing them and are they aware of all their options when agreeing to a transaction with you?

I’m coming from Christian background, so I’m trying to understand how honest is that strategy, as well as when buying from a wholesaler.

@Ryan Naylor thank you so much for sharing your perspective. My plan is this:

1) first sell our existing home with homie spending very little on closing costs
2) add 50-70K from private money lender such as Sofi 
3) buy a house from an action
4) refinance those private borrowed money right after the closing.

Our current residence was also a foreclosure purchase and I don't remember paying more money over the price that we got on auction. But maybe things changed, it was 5 years ago...

@Justin Hammond how do you get $265K value? It's very close to my neighborhood and I know that normally a house like this is in 300s...

@Ryan Naylor and @Justin Hammond 
There was an auction today and the home that estimated value on Zillow is 315-350K sold on auction for 206K. Here is the address if you want to look it up: 3578 E James St, Eagle Mountain, UT 84005
Do you think it's still overpriced? I think they got a great deal for 206K... 

I understand that private money will make the deal more expensive, but maybe I can ask around and get extra cash from the family and such for the lower %? 

@Justin Hammond Do you mean that you, as an investor would buy the property using my 20% down and sell it to me as seller financing. Could you explain it further how it works?