Forum Replies Created

Viewing 12 posts - 1 through 12 (of 12 total)
  • Posts
  • The following link on Zillow includes all the details on the house, highest bidder sale for down on owner finance property, a bidding process doc link, google earth link, virtual 3D tour link, open house dates. All without a webpage. I’ve already gotten a text, 276 views, and 15 saves just today.

    https://www.zillow.com/homedetails/2485-Univeter-Rd-Canton-GA-30115/51111307_zpid/?view=public

    Patti, We will have our first Open House Inspection on Feb 29th! All signs are ready, we’ll be starting our marketing this weekend. I’m working on the transcript for the greeting and the Facebook page! Thanks for all your help! I’ll keep you posted. No one seems to think that it will work for a $600,000 property but we’re going to prove them wrong:0 The Highest Down Payment Bidder for an owner-financed property does seem to be unique but we’ll see!

    Thank you, Dee, for your detailed answer. Yes, I’m planning on living there with my mom, who has Alzheimer’s.  A year ago, I was looking for a larger property to start an assisted living facility [called Personal Care Homes in GA].  I now prefer starting an inexpensive [non-profit] adult daycare to give a break to full-time caregivers like myself. My mother and I would live there as I facilitate the ongoing workings of the daycare.

    The subject property needs a new roof, flooring, paint, etc. but is in livable condition. I love the option idea contingent on the sale of either one of my properties.  I’m listening to Jack’s option series trying to get my head around it.  

    I found out last night from one of the five siblings that my “friendly” neighbor/realtor named Billy failed to mention that his wife is their cousin. Billy is most likely not willing to give up the sale since he is just starting in his realtor career.  The sibling’s wife sounds like they want too much for the property now, which is already proving your point of future complications.  This brings me to my next deal.  

    A year ago, I found a gorgeous 10,000 sf luxury log cabin in North Georgia mountains which was being sold by the REO department at a local bank which held the original loan.  After months of research to convert it to a 20-30 bed assisted living facility, I could not find a bank to fund a downpayment for the $800,000 project. The REO bank gave me two old appraisals [$1,000,000 & $2,000,000] for this log cabin, but no one would loan me the money.  I gave up on it, but now I believe this property would be a good fit [perfect zoning, near two large senior adult communities] for my adult Day Care idea with very little money needed to modify it.  They were listing it for $850,000, and I had it under contract for $500,000 which they were losing a lot of money.  The problem with the property is that the property location is too remote for a business and it would cost $100-200,000 for septic and water for an assisted living facility and the floor plan is set up for displaying furniture [it’s former use] which is not conducive for a home.  

    So my new questions are:

    1] Since I know the banker, can I do an option with him and bypass the agent? If not, can I still do an option with the agent? Or do a contingency contract?

    2] Since the bank has been sitting on this property for over three years now, I’m wondering if I should offer $350,000 now although I don’t want to insult them? I will have around $450,000 total from the sale of both properties, but I could get the total amount from just one if my sister, co-owner, will agree to it.

    3] I’m listing one property myself by force [I’m a realtor for personal and family only! I dislike realtors and my sister, co-owner of both properties, dislikes RE investors and Realtors] and my sister is listing the other property with Billy.  Both properties have a smaller buyer’s pool since they are $600,000+, which may take some time to move. Given this, do you have recommendations to move these properties quickly? Any particular teaching on this site you recommend?  

    4] I’m considering using my family non-profit to purchase the property to eliminate property taxes but still need to access my exit strategy if I sell the property for a profit in the future. Any ideas on this?

    Thanks again.

    Jackie,

    A deep soulful AMEN to that! Thanks for the confirmation.

    I absolutely love the options idea and how Jack could even do options with houses that were listed. I’d rather not be an agent or deal with my broker for all my transactions. I’d also want to know the legal docs and process that Jack used. Is there a way to find out the details? Thank you!

    Just a quick update. The agent is no longer communicating with me so I’m assuming it is no go. I’ll no longer pursue this dream. Although giving up on my non-profit holistic assisted living memory care is disheartening, I realize this project and the banking process has too much complexity and liability for me. At my age, I’d rather live my life out debt-free and focus on my highest values which is my 83-year old mom [who has dementia] right now…which is why I pursued the project. This realization has been a great relief to me and has given me time to regroup, reflect, and simplify.

    After listening to Jack’s seminars on Options, I’m considering getting back into either participating in or helping to facilitate seller-finance, contract for deed, lease-options, options, etc.

    I’m currently a real estate agent only for myself and family but would rather be inactive completely due to all the red tape, regulations, and government over site.

    Any recommendations on doing the above transactions as a non-agent vs an agent?

    Thank you Dee. I’ll check it out.

    I’ve sent the message out to several local clubs and no one is interested. If I offer $300,000 and he takes it then what? I like multiple offers but only those I can legitimately do.

    Dee,

    I’m 100% in agreement with using science-based naturopathic/holistic protocols to prevent, stop, and reverse Alzheimer’s and cognitive decline. I’m leaning towards the Bredesen protocol. We will be producing our own organic foods and raising our own fish in a greenhouse [Aquaponics], raising chickens along with using as many health therapies as possible i.e. music, light, far-infra-red saunas, intergenerational [seniors with children], etc. I believe our genes [APOe4–the Alzheimer’s gene] load the gun but our life styles pull the trigger.

    Your experience in the skilled nursing home is very sad. I still can’t believe it.

    To avoid the governmental control over our home, therapies, and their mandates to poison the residents with toxic pharmaceuticals while forbidding science-based protocols that heal the body, I’m planning on pioneering [as far as I know] the first ALF that is truly private. I will not be under the jurisdiction and control of local, state, and federal law. Many functional doctors operate under a private entity called Private Membership Association which is based on the 1st and 14th amendment of the constitution. This is what I’ll be using.

    Thanks Jackie. I’ll have cash within six months so I can’t offer that but I could do offer 2 & 3. I like the extension idea for $. Thank you!

    Those are good to consider. I tell her to run it by her attorney. Thank you!

    “Are you sure it can be zoned as an assisted living? ” Yes. I confirmed it with the city manager.

    “And finally, with the costs of fixing it up are as high as you state, would it be better to build from scratch?” That is a good point which I have considered. To build a 28,000 sf building would cost double or triple the asking price especially since it is made out of steel and concrete. The long hallways and floor plan are somewhat limiting and give an institutional feel but there are ways to make it more like home.

    The seller is an individual who bought it from the city for $250,000. He used it to run his business and now has sold it.

    Because I’m a non-profit, I can also offer some hefty tax-deductions for the seller if he needs them from the sale of his business.

    Thanks Jackie.

    Dee,

    I am truly in shock on how much abuse your buddy has experienced in ALF. I’m so sorry to hear that.

    Thank you for your great observations and questions. Answers to your questions:

    1) who the intended operator is, and 2) what their experience is with the specific (or very closely related) project.

    I’ll have a professional and successful executive director with 18 years experience in residential assisted living facilities who will be overseeing the project and I’ll be living on-sight as her assistant.

    Since I’ve been my 83 year old’s mom part-time caregiver for six years and full-time caregiver because of Alzheimer’s for the last three years, I’m highly sensitive and experienced in proper caregiving. The owner [me] will live on-site 24/7 overseeing all that will be going on. As per my very experienced director, the problems regarding incompetent and unscrupulous caregivers are typically a reflection of underpaid staff.

Viewing 12 posts - 1 through 12 (of 12 total)

You Don't Have to Spend a Fortune to Learn How to Make One!

Join the CashFlowDepot Community today and learn how to make cash and cash flow with real estate.