All Forum Posts by: Olly Cossio

hey thanks for the replies everyone, i've received a few dm's for details on the note and they are as follows in case anyone is interested...

"hey! the terms are as follows. 8 acre lot in Perris California. I purchased for $77,000 and sold for $180,000 last month. Buyer paid me $90,000 through escrow and owes me $90,000 over 18 months with 17 months of $1,000 payments and a balloon payment of $73,000. I didn't charge the buyer an interest rate due to the amount of equity i had in this deal and also because I wanted to make it attractive to the buyer to seal the deal. Buyer is a stand up person. They purchased it for their 3 children who are all in the navy and they plan to use their VA loan to cash me out in a couple of months.

Buyers worst case scenario is to refinance his paid off home valued at $500,000 to cash me out if it comes to that.As recently as 3 months ago I sold a 1 acre lot in this neighborhood for $115,000. All 1 acre lots sell for over $100,000 in this area. This note is for an 8 acre lot. The people who want a lot here really have no choice because in this area you can do whatever you want on the lot including "special" plant grows, and being able to have animals. Not a lot of code enforcement here and people love it. I can live with the note throughout the life of it but am entertaining selling the note. Let me know if you have any other questions thanks!"

hey everyone,

i closed escrow last month on a land sale. buyer paid me half of the sale price (we'll call this the down payment), through escrow and he has 18 months to pay me the balance

the down payment already covered my cost of the land and put some money in my pocket too. the amount owed to me is all profit and with the economic uncertainty that is looming i didn't charge him an interest rate to make it more attractive to him and to seal the deal

this morning, i was looking at my USPS Informed Delivery email and see that I am going to be getting a letter from a company that purchases private notes and trust deeds, so I googled them and it looks interesting. I don't know anything about the trust deed purchasing space but I assume they want to cash me out and carry the note themselves, but not for free. I would have made calls to a few similar companies to start inquiring but it's Saturday morning.

I am guessing these kinds of companies are interested in making money off the interest rate being charged to the buyer but I didn't charge one to the buyer. They probably also want to buy it at a discount from me, so if the buyer owes me $10,000, the note buyer probably wants to give me $8,000, but i'm just guessing

anyone familiar with this space? i wouldn't mind cashing out but i can also wait for the buyer to pay me back.

in case any trust deed buyers are reading this, the retail value of the lot is worth more than twice what is owed, lots of equity in case buyer defaults. the buyer is a well to do fellow who purchased the 8 acre lot for his 3 children who are in the navy. they plan on using a VA loan to cash me out in a couple months but they aren't obligated to do so.

thanks!

hey guys i didn't find anyone to do a loan the way i was thinking but I spoke to the buyer for the first time since the whole time everything was through agents and escrow, and he has plans to refinance his home and pay it off in a couple of months.

the initial down payment covered my cost and the balance owed is all profit for anyone curious

I am considering becoming a private lender to upstanding people! find me on that section of the forums :)

Hey everyone!  I sold an 8 acre lot in Perris to a buyer for $180,000 this week. Buyer gave me $90,000 down and has 18 months to pay me the balance of $90,000

He is going to pay me $1,000 a month for 17 months and the balance of $73,000 on month 18

I'd like to cash out now and get the $90,000 owed to me and the buyer would like a longer term like 10 years

So long story short, my buyer needs a $90,000 land loan for a 8 acre property in Perris. One acre lots in this neighborhood sell for $115,000+

Can anyone point me in the right direction? I buy and sell land exclusively but have always done cash deals and assumed land loans were far and few between for my area. thank you!