Michael Quarles covers whether or not you should structure an Owner Carry Deal, and more…
A seller contacted me about a lot he might want to sell in Portland, Oregon. This is an 11,000 sf lot zoned 1A for 7-11 units only.He owns it free and clear. He is open to a straight purchase, or an owner carry, or even a joint venture with a developer to develop the lot.It currently has a small shop on the property that he rents out for ~250 month to cover taxes.The lot value is $175k-$250k (Property Radar is at $233k). He stated he would sell for $150k but I believe he would sell for even less.He bought this in ’07 for $213k and is just tired of it.I would like to get this under contract and then assign it. I am leaning toward the owner carry. Michael,how would you structure an Owner Carry?What terms?Any thoughts about how to incorporate a potential JV carrot in there if needed to close the deal? Any other idea’s I am missing?He is very open to creative options I think.How would you market this?
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