Financing in Gilroy>Question Details

George, Other/Just Looking in Gilroy, CA

I own a 6 acres in Gilroy, CA, M1 Zone, Hwy 101 expose, paid off. I need a 50% partner. Where do I search? I am willing to sell and carry 50%.

Asked by George, Gilroy, CA Tue Jun 7, 2011

I'm flx The land is worth over 1M but I am letting it go for $850,000 Looking for a 50% partner or a buyer and I will carry 50% note. Where can I search or advertise, any suggestions??

0 votes Share Flag Financing in Gilroy

Help the community by answering this question:

Answers

7
Wayne Giroux - DRE#01354800’s answer
Hi George

The simplest way would be to put it on the market with a qualified Realtor and note that it is for sale 50% or that you are willing to consider 50% financing. The 50% financing should attract as it can be difficult getting financing for vacant land. You will need to show your ability to deliver clear title of course .. Wayne
Web Reference: http://www.waynegiroux.com
1 vote Thank Flag Link Tue Jun 7, 2011
I don't know where you can find a partner, but if you want to keep it, and need funding, I may be able to help you with that part. Or, if you find a partner who needs funding, we can help them with that as well. For more info, you can email me at krob52566@aol.com
0 votes Thank Flag Link Thu Jun 28, 2012
Hi George and thanks for your question.

Because this is property in an M1 zone (light industrial) and has limited number of potential buyers, my suggestion is to contact a commercial property realtor and manager to assist you. These are professionals who specialize in commercial property management, development and sales--a vastly different business from those of us who practice in the residential real estate. Those who practice in this area of real estate will know who is buying commercial real estate and may even have buyers who would be interested in your property.

Unfortunately, commercial real estate and land has not been insulated from the current economic hardships so you may find that your property, if not substantially improved with permits or utilities or grading may not be able to garner even the reduced price you seek. Working with a professional who handles commercial property will help you greatly in properly pricing and valuing and marketing this parcel.

Good luck,
Grace Morioka
Area Pro Realty
0 votes Thank Flag Link Tue Jun 7, 2011
If you decide to sell your property and carry back some financing, please take the time to consider a third party loan servicer to collect the payments on the loan. The loan servicer can also monitor property taxes or you may want to have the loan set up with impounds for property taxes. We service loans for sellers such as yourself in seller carry back transactions.
If it becomes necessary to start foreclosure proceedings a we can help assist you as well.
Good luck to you!
Michele Canty
Unified Mortgage Service, Inc.
Servicing loans throughout California
(619)298-4990
michele@umsi.biz
Real Estate Broker CA Dept of RE 01182001 NMLS253301
Web Reference: http://www.umsi.biz
0 votes Thank Flag Link Tue Jun 7, 2011
A good question was posed below: "What would the benefit be of holding 50%"? Here are 3 benefits:
1. Land is difficult to finance. A 50% loan-to-value-ratio is the typical limit offered by banks. Your property will sell faster and, at its highest price with the option of the bank or you providing the financing. Your terms for your partner/buyer would probably be more appealing than the bank's.
2. Your 50% financing will provide you an income stream - after you receive a significant amount of cash.
3. Should your partner/buyer default in the future you get your parcel back and you can sell it over again - repeating the above benefits.

Mike Walters
831/630-3717
0 votes Thank Flag Link Tue Jun 7, 2011
Hello George,
You have a great opportunity to either find a partner or sell your parcel in Gilroy. By putting your offer, the details and photos of your property in the Multiple Listing Service (MLS) you will immediately make your offer avaiable to most of the Realtors in Northern and Central Calif . Additionally we would place your information on 32 national real estate websites.

I would suggest that we place a VIDEO Tour (not a virtual, but VIDEO Tour) of your parcel and it's relative location. Those potential investors will be able to see your property even before walking on it. Of course your VIDEO will go on the MLS, our 32 websites and an additional 24 VIDEO Portals starting with YouTube. That will give you maximum exposure to the largest prospective partner/buyer group you could get.

Look at the VIDEO Tours we've done on other properties by going to: http://www.CaHomes411.com/video.

Good luck George. I hope we can help you.

Mike Walters
831/630-3717
Web Reference: http://CaHomes411.com
0 votes Thank Flag Link Tue Jun 7, 2011
What would the benefit be of holding 50%? If property is priced correctly it will sell and you can get all your money out of the property. It seemes that you might want to interview a couple agents and find out how long it would take to sell and what your net would be.

Glen Mitchell
Real Estate Broker
0 votes Thank Flag Link Tue Jun 7, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer