Tomorrow I leave for NC to get things started with my land deal. If you haven't heard about it, here's the skinny. Partnered with my friend Danny in CA, , 101 acres, 1.4 mill purchase price, 3.5 mill value as is, with only 5K down to hold contract. Seller is going to carry back a second for 65% of purchase price. Just 45% to seller at the end of the due diligence period gives us the deed to the land. The potential of the land, if we just build it to buildable lots, is about 20 mil. In short- a really sweet deal.
This is a stepping out of our element situation. However, it's also a matter of manifestation. I have worked on a few land deals that never panned out and kept telling the universe that I wanted a great land deal with the exact parameters mentioned above.
Moral of the story: Ask and ye shall receive/ your wish is my command!
Have a great Fourth of July!
Friday, June 29, 2007
Monday, June 25, 2007
CA Trip
I just got back for a trip to CA for a Learning Annex class. It was really well received. The trip was fast but worth it.
I wanted to tell you about a quick story that I read on the Internet about a great example of what is going on in the country when it comes to lenders.
I got an e-mail from a man who was working on a subject to deal. After discussing the opportunity with the potential client, she said she would think about it and get back to him. She called a few days later and said that she had talked to her bank about his proposal and that they were taking it under review. He of course thought the deal was shot. After explaining why to her she said that the bank wanted her to give him their contact info to discuss it further. He figured he had nothing to loos so he called.
The bank worker told him that they were taking his offer for review and would get back to him.
After about two weeks the bank called him back and said that they would allow the transaction!
The bank gave him their blessing to take over the house Subject To without qualifying for a new loan.
Now I ask you are banks getting more motivated to not have a house go into foreclosure or what?
Keep working at it, you success is right around the corner.
I wanted to tell you about a quick story that I read on the Internet about a great example of what is going on in the country when it comes to lenders.
I got an e-mail from a man who was working on a subject to deal. After discussing the opportunity with the potential client, she said she would think about it and get back to him. She called a few days later and said that she had talked to her bank about his proposal and that they were taking it under review. He of course thought the deal was shot. After explaining why to her she said that the bank wanted her to give him their contact info to discuss it further. He figured he had nothing to loos so he called.
The bank worker told him that they were taking his offer for review and would get back to him.
After about two weeks the bank called him back and said that they would allow the transaction!
The bank gave him their blessing to take over the house Subject To without qualifying for a new loan.
Now I ask you are banks getting more motivated to not have a house go into foreclosure or what?
Keep working at it, you success is right around the corner.
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