DG Moderator

this post!

I bought my next door neighbors' vacation home in the mountains three and half years ago. Unfortunately, instead of hoping right on the project, remodeling the place, I let her sit empty and largely unattended until a year ago when I sent a known crew in to perform the remodel. Whereas they had performed well down near the beach, they did not do so well on the edge of that mountain. I fired them all in Jan, after they had exceeded the budget while not moving the project even 1/4 of the way toward the finish line. Anyway enough of that sad point.

A new Mountain-oriented crew is on the job now, but at the same time the sellers want the rest of their money. Fact was, they had not gotten a good offer in 4 years when it had come time to sell the place. Their asking price had fallen through the floor (2007 - 2011). I had never seen the place, only photos they would routinely show off. I always thought the photos had been taken from some Scenic Overview. As they moved into the Nursing Home, I offered to walk their property line; I did and then I encouraged them to try a little longer and if they still had no luck, if they would bring me proof of their best offer within the past 12 months, I would raise it 10%, I never wanted anyone to accuse me of stealing this property. 12 months later they did and I did. Next, we determined every penny they owed anywhere. I put $200,000.00 cash in to cover everything (toward the agreed upon sales price of $440,000.00.) They went into the Nursing facility owing no one anything. They owner-financed $240,000.00 at a very favorable rate. Ironically, the Note had a balloon call in 2014 which conflicts with the Deed of Trust which stated April 2015. In April, 2014 they started pushing for me to produce the balloon. With the new crew's efforts, the conservative value is well north of $1,000,000.00. I do not have access to what is now a demand for $250,000.00.

Consequently, I would like to know if anyone in our circle is, or knows someone who is, in a position to loan $400,000.00 at 8% for 270 days, secured by this Mountain Property as collateral. The property consists of 3 bedroom (two Master Bedrooms), 3.5 bathrooms, Stain Glass windows on drive up side of house, two person cozy hot-tub on the "no see 'em side" of the house, 100 year old Wormy-Chestnut wains-coat paneling throughout the house, except in the first floor Bedroom, which has Black Walnut wood paneling to wains-coat height; new electrical and new plumbing. The third floor Master Bedroom Suite has Cathedral/Vaulted Ceiling, Bath with Shower, a free-standing Coffee Bar, windows and sliding glass doors across the entire expanse of north facing Glacier-Carved, Limestone Mountain which lies beyond the northern property line; the view toward that mountain provides a daily light show at sunrise. This Suite will have a Bannister Deck. The whole house will have two zones of new, first generation Central Heat and Air and Standing Mechanical Seam Metal Roofing with Ice Chain Downspouts. The land mass consists of 6.92 Acres, most of which is roughly 100 feet below the house and sloping down hill from there; this extra, say 6 Ac, cannot be subdivided until 2023; the lower portion of property is surrounded by National Forest. The County's Tax Card enthusiastically states, "GREAT VIEWS!". As an alternative to a straight investment, I would entertain sharing a percentage of the profit the sale of the property will garner provided the investor forgoes debt service pending the sale.

If anything I have done here is in error or poorly written, I apologize. I have followed DG for years, but today I joined this site. I need help. I have a wonderful piece of property; I cannot afford to let it go to foreclosure. What I am doing/offering makes a very good investment opportunity; while I need every penny the rehab is going to garner in a Spring Sale, I am not completely greedy. I am willing to share or I will pay monthly with good interest. Investor will be protected in the First position - with nothing behind that First. My name is Frank Cassiano. I live in Greenville, NC and can be reached directly at 252-917-2916 or via email at attyfcassiano@****. Work (09 - 1700 EST) is 800-588-1849. Please call me with any questions, ideas, or general comments!

Just a tip. 8% interest is not an enticing amount on a deal like this. If you want to get a bite, you will probably need to offer 12-15%.

Good luck!

sounds like it's a great property...

Have you thought about purchasing the property with a hard money loan and then do a cash out refinance? Obviously it will cost you more than 8%, but it's better than getting foreclosed?

Also, you may want to start your own thread with this post to get more attention from other investors, instead of adding to this thread?