Hello there,
I am in need of some help. I THINK I have found a great deal. I am too new of an investor to have made enough contacts for someone to assign it to.
In a nutshell, the property is in Alabama. It is close to two acres. The land is devleoped directly adjacent to a busy freeway. The partners who own it are fighting and need to get rid of it quick. They said they are offering it at $800,000. They sent me an appraisal done on the property several years ago which has it at 1.7 million (I am guessing it is a legitimate appraisal).
They also have two non-developed acres next to the other land I mentioned and they are trying to wholesale that as well.
I went through an investor I knew who purchases commercial land, however his company is not interested in doing anything out of California. I wanted to get it under contract which would buy me some time, however they require a $5000 earnest money deposit and want their money immediately after closing. I don’t have the funds to get it under contract.
Would anyone have any good ideas where I can try and find an investor? I will be going to my local REIA meetingin the next week or so, however I want to find someone quicker before the deal gets eaten up.
Thanks for all the help.