All Forum Posts by: Agustin Conti

Thanks Mitch. No, I do not know at all if the land will appreciate. I like the location. This is North of Franklin. I am just researching, and the more "negative" stuff I found about it the more I am inclined not to make an offer on it. I want to know the options and you are certainly gave  me good info. 

HI Jonathan, thanks for your response. I agree and as you said "if you want to make money" but in this case I am not trying to make money, right away but rather not loose money if anything. I see it a a long term small diversifying investment. What I need to know is what are the things to look for and analyze when considering buying a lot like this. I am going through the regulations and restrictions in that place (not a closed community but there are some rules). There are no utilities in place, no septic tank and no well. And preparing a building site and installing a driveway are further considerations if I even decide to build something there. It is already off putting that I could not be allowed even to use a tent or trailer, RV, mobile or tiny house even temporarily. I need to have an idea for example of how much money I need to have the place ready to start building. How do I make this assessment? How do you evaluate the increase (or decrease) in price of the land in question down the road? 5-10 years for example? I need real tips for LOT buying considerations. Not if I should buy it or not. Thanks

I am considering putting an offer on a 2 acre empty lot, in a sloped wooden area in Western North Carolina. I have never bought a lot and have no idea what are the steps and the things to consider, when evaluating this option. I have no desire now to build anything and I don't if I  ever will. This is a pure emotional type of investment and I want to honor it. The surrounding lots are developed and have houses, It is not a closed community but it looks like one. We do have a house we rent in the area and simply love it. I don't have a plan yet for the lot but I see a lot of potential and if i don't develop it I know I would not loose money if I sell it in the future. Features: Rolling Slope, Near Level, Steep Slope and small stream and partial look of the lake. The things I have no idea about is, what to ask for..septic tank? Water and electric? how hard (or expensive) would be to build. How do you evaluate those things and more important what is the checklist I need to go over when considering a lot of these characteristics in Western North Carolina. Any tips appreciate it. Thanks

It's great to hear your focus and determination at that young age. I wish I had started sooner, but my advice is make sure you are happy (or strive to be) on a daily basis by following and nurturing your passion (specially if it is not related to real state!) AND save, save, save. Always live frugally and be disciplined financially. 

yeap..those are the numbers I am seeing..$1125 in monthly interest is not fun...This is like 14k per year in interest alone. Crazy.. I am ok with 1000 to 1200 per month including some principal payment. but not this. This is like around 50k in interest over 5 years, not a minor expense in the whole equation. dang..it is so easy to make money IF you have the money! the more you have the easier it gets and the other way around.

Quote from @Pete M.:

Just to confirm, the HELOC would be against your primary and used to improve the same property--right? If so, that interest could also be tax-deductible. That's the one scenario for HELOC interest deductibility that the TCJA left in!

 Yes I just realize this..I need to "crunch" the numbers to have an idea of how much I would pay every month..if I take..like $50k every three months 3 times..I could not find an heloc calculator that allows me to calculate precise monthly payments..Any ideas?

Quote from @Bruce Woodruff:

#1 - You are not required to have your driveway in perfect condition, it's totally up to you as to how nice (or bad) you want your property to look.

#2 - As @Theresa Harris said, just pressure wash it if you do anything, if you apint it, you'll be painting it again in a year or two.

#3 - Never let a tenant do anything to your property. Not only are they not professional tradesmen, but consider this - what if he slips and breaks a leg while working on your property? He is technically your employee while working for you.....do you have Workers Comp? Liability Insurance? Payroll Taxes? Get ready to be sued by the tenant.....and worse by the State/County when they find out...

 Thanks, this is the type of answer I was looking for.

Regards.

Chris Seveney, you wrote

"also yes you are to maintain the property but also cosmetic components are not an absolute requirement to get fixed"

So in this case, is the patio and or walkway in need of repair? is this to be determined solely at my discretion? 

Quote from @Tim Baldwin:

Having tenants do work on your property is generally a bad idea. But if you decide you are going to permit it, you need to have a contract drafted that protects you in case he is negligent or doesn't comply with the terms of the agreement. It's a risky prospect, so be careful. As for costs, you can decide what you want to do there, but again, put it in writing and signed by the tenant.

Thanks for the advice,  but this is not what I am asking. I am asking for the third time in this forum: Tenant asked if he (or someone) could paint the patio and the walkway because of what you see in the pic. Do I have to do this (pay) as an obligation ?

Hi, thanks for the quick and useful responses.

The driveway is already painted and the paint is fading away. The front has also a painted driveway that seems to be holding pretty well.  I appreciate the suggestion of taking the paint, it is an option. I agree and won't let the tenant do the work. The main question was. Do I have to pay to clear /paint or fix the driveway? as you said it looks cosmetic. The Patio has tiles that show some wear and tear but certainly does not need to be painted or at least I won't paid for it. So again Do i "have to" paid for this or if I pay it would be a nice thing from me? I want to know what my obligations as landlord are and then make a decision if I want to go above that line in any capacity by paying or sharing the cost of something that I am not required to do.

Regards,