Hey all,
So my in-laws brought over a letter from a local real estate investment group here in SoCal, expressing interest in purchasing a parcel of land that my in-laws co-own with 3 other couples. The land is zoned for industrial use I think, and is located up in the Lancaster/Palmdale area right across from an airstrip and was purchased for around $108k. Not sure of the comps yet but will check Loopnet, etc to try to find some.
This is a direct mail marketing letter, it seems... they are offering to pay all cash OR 1st Trust Deed on the property and pay interest at a 10% interest rate monthly. They are wanting to purchase direct from owner to avoid real estate commissions and are offering to pay all closing costs.
Thoughts on how to proceed? Should they attain the services of a real estate attorney and CPA who specializes in real estate? I have a friend who has her real estate license and is also a real estate attorney (though for commercial I believe). Wondering if we should ping her.