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I see a ppty I am preparing to make offer (s) on….I want to hold it (or my half) forever if possible…ie if I can acquire it w/positive cash flow…
Can anyone suggest how a plan for how to proceed?
I plan to use a roth ira (that I am in process of forming this week wi/Entrust) to buy an option on the property…then will likely advertiste/ find/have a partner come in to put the down payment and live in it, pay the monthly payments and do all maintenance, etc.
the seller wants his price and 15% down but says his terms are flexible…..he is retiring out of state….is in his 80’s.
He says he is open to a lease purchase (second choice)
or to seller financing, he wants 15% down and his price but his terms are flexible, he says.
I will offer either, but prefer to buy it via land trust and sell half the beneficial shares to a partner/occupant.The ppty has no loans on it.
I am stuck on how to prepare the paperwork….my confusions are:
1) I am in Calif and am an agent;
Do I need to use the Agency Disclosure even tho I am buying it on my own, not thru my broker/nor thru MLS?
Also, do I give him a Jack Miller type of option contract, or use the Standard CAR Residential Purchase Agreement and structure it as an option?2) If I end up agreeing to acquire it via a Land Trust, with the plan that I sell half of the beneficial shares to the owner occupant/partner…..Do I make the offer in the name of my newly forming roth ira? Or can I go ahead and just make the offer in my name and/or assignee then assign the contract to my roth ira and land trust at time of closing?
Thk you.
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