All Forum Posts by: Mitchell Benson

To start off. I bought 2.6 acres about 2 years ago. It is raw land, undeveloped. there use to be a house on the property but since then its been burned down and hauled off. Since I do not have the capital to build anything or do anything with it... my only logical option was to sell it.

There has been a lot of calls on this piece because it is close to town - in the city limits. It is zoned commercial with new access to water and sewer with really helped with the value of the property. There have been a few low ball offers but now there is a guy that is very interested. He wants to build 30+ town homes on the property to keep as rentals, and he offered full asking price!

Here is the catch! He wants me to sign a contract that puts us (me and his company) into a joint venture. He plans to use the equity in the property in order to finalize and get the loan that he wants. When I came back and asked.. why don't i do an owner finance or a wrap on the property so that we don't have to be married up in a joint venture. Well he came back with "Well if we can't do a joint venture i can't get the loan and the deal can't happen". to add - he will be getting a 2.5 million dollar loan, and showed me his plans. the contract he sent me states that I will not be liable for any loans under the joint venture. 

Please help I'm excited and nervous at the same time. I don't like this feeling

Also, I've had this property listed for more than 6 months and I'd really like to sell it for full price! However, I'm a little scared to go into a joint venture agreement. I just want to keep it safe.

any feedback helps!

Here are my numbers on the deal
my purchase price 2 years ago: 45k
Asking price today: 130k

obvioulsy i really want to make this happen but I don't want too lose it in the process.

if your goal is to have paid for rental properties then just pay it off  

 If you want to expand your portfolio then  it would be smart to use that equity to buy more deals 

... Really hurt. Sickness is the family or you fall and brake a bone, car wreck ect. If you got hurt and could no longer work - worst case scenario...I would much rather have A mortgage than cc debt

I wold get a small, safe mortgage on it. If you stay in cc debt you could be in trouble. There is no telling what life can throw at you during the time your in cc debt that can really

I have a number of contacts around Conroe that help me with fixing things up ... what exactly are you needing

MHW real estate off of groans mill in the woodlands is call me trying to buy my 2.6 acre tract as a piece of an 11+ acre trac in Willis off of 1097 east. They plan to build town homes/apartments.

JD Precision plumbing has been great for me.  That will come out and give a free estimate.  Their reviews online are really good 

welcome! I'm in your area also. I own my first rental in April sound looking for #2!

I would most defiantly call JD Precision plumbing. They to a lot of work in the Houston area. Based in Conroe but they were originally commercial only until they opened up to residential also about 7 years ago. Great Christian guy who owns it. Great reviews online. JD Precision Plumbing

Hello everyone, So I bought a 2 1/2 acre piece of land with about 140 foot of frontage making it a long and skinny track of land. it has been on LoopNet for a while but I have been debating on what to do with it. I'm unsure if I should take out a construction loan and do storage or just sell it out right for around 90k. (I bought it for 50,000) I actually have someone interested to purchase the property for 90,000 but I'm not sure what I should do. As in what it be better if I go ahead and build on it and have that money coming in from the storage business or just sell it. The problem with this piece of property is part of it is in a floodplain and may need a lot of dirt work.... Half of it is also heavily wooded - The back half. Looking for any advice or questions let me know thank you for reading!