New To The Biz
I guess I am looking for a book or two to read before I really ask too many questions but my story goes like this. I have an uncle wanting to sell his farm of about 250 acres. There are a lot of new subdivsions going up around this area. I am thinking this is a prime location for a new subdivision so basically I am looking for books or knowledge transfer or some sort in how I could basically buy this land from my uncle for around his asking price and then sub-divide it. Most land around the area is going for about 15,000 an acre. It is about 10 miles outside of a descent sized town or like 15,000 people. It is about 60 miles south of St. Louis and people are starting to move more and more south. I am sure there is more I can say but not sure what more I can add.
Can rent support the mortgage payment (or are you going to live there)? If negative cash flow, can you afford the monthly outflow?
If all is still go, and all he wants is out of the mortgage, try taking it subject to the existing mortgage or lease/option at the mortgage balance with option to purchase when you think you are ready and a rent credit of whatever the principal buildup will be.
The mortgage payments are right at 600.00 with yearly taxes around 1200.00. One option we thought of is for he, another friend and myself to invest on the property together, each paying about 200.00 and then either renting or flipping. However, since I am new to this. I am not sure of how to do this properly. Since my name most likely will not be able to go on the mortgage, due to my credit. Is there a contract that we could use that would tie the three of us to the property even though there is only one name on the deed and mortgage? Or is this a bad idea?
I believe realtors in TX can pay for out commission--But loan officers, I am sure, is prohibited from giving any type of ref fees or commission--
Miss Helen,
Are you saying if I get my licence I could put them with a broker, and still receive a referal fee if I refer a client to any agent, or does it have to be the broker who will hold my licence.
Also the loan officer that gave me a fee paid it out of her personal funds as a Thank you. I would not have called it a commission.
rbjj,
In Missouri a person can get a licenses online for under $400. I use www.realestateexpress.com No affiliation I swear. Sounds like you have experience. I wish I could find experience like yours here in the Missouri!
[ Edited by kiyuki on Date 05/18/2005 ][ Edited by kiyuki on Date 05/18/2005 ]