All Forum Posts by: Nichole Wall

 I plan on running it myself at first then probably hiring it out if I go that route.

That's what I have to figure out and since I'm not a construction company, I don't know if that's a good investment since I would have to pay for the building materials and labor. Thank you for taking the time to respond. I appreciate it.. 

Hi everyone, I have a question about a chunk of land I found for $25,000. The original asking price was $49,000. He bought it 10 years ago for $32,000. There's never any appreciation in my area so I bet it's still worth the same. This guy has to sell. But I know nothing about land development and was wondering if this is something I should get into because my thought is if no one else is buying it (off the MLS) maybe it's not worth anything to do with.

The land has 37 acres to it. There are 3 parcels. 24 acres are wetlands being one of them. The rest is 12 acres of open land. I'm not sure if all 12 acres are cleared out but there is a sizable chunk that is. The idea was this guy wanted to build his house on this property because it's secluded and it has a beautiful view of the changing scenery from the wetland. I don't know if there is well and septic on it. One of the little buildings there does have running water. There's 3 little buildings here. 

It's sits about 5 miles from a school. Here are some of my thoughts...

-Turn it into a mobile home/RV park for the local fishing around the area (Salmon River).

-Turn it into a mobile home park in general

-Put a modular on it and lease option it

-Put a modular on it and sell it

I know that the area would have to be checked for zoning and I don't think that would be a problem at all. Just wondering if there's some major road blocks with these thoughts. Let me know, thank you!

Is there any way to save a post you find so you can refer back to it?? I've been doing a lot of research and finding great nuggets that I want to be able to go back to when the time comes (setting up LLC, goal setting, etc.) Is there any way to save this stuff??!!

 Thanks Derek! I agree about Watertown so I shouldn't be so hesitant. I think I'm going to start looking there some more! 

 Hi Greg! I love Orwell because of the people that live here, not so much because of the snow like everyone else! :) My husband is from here and looves the snow though. That is so interesting to know! You must be part of the Potter clan that is still here then?? Orwell has our own bumper sticker now that I one day thought of and created that everyone loves....All's well in Orwell. :) 

That's exactly what I was looking at for Oswego too. And as far as Syracuse, I would have a property manager that I've already picked out. 

Nice to connect with you on here and thank you! 

Hi Craig- I started off with wholesaling in Syracuse but that fell through only because of my own fault because I couldn't find a buyer and did a couple things wrong, however it was a great learning experience.  I then looked into wholesaling lease options in Watertown but got a lot of resistance from people when I went to implement it (lawyers and a agent) . 

And I've been getting my finances in order to get some buy and holds as rentals which is where I don't know which market to pick because all 3 are strong rentals rates and potential. I received my master's from Oswego, so I feel the most comfortable there because I lived in the rental market there for awhile and worked while in college there. But I've been doing a lot of research in Syracuse on the market as well. And I was told to stay away from Watertown for buy and hold because you never know what will happens if the base ever shuts down however I work there and that's the one I've been having great connections with (agent, apprasier, etc.). 

But my overall strategy is wholesaling and buy and holds for cash flow. I do still want to pursue the wholesaling lease option some more so I can have another avenue to help a seller when they call. 

Hi Dave! That's too bad, def. catch me at the next one! See you soon...

Thank you James! 

Yes there is Larry! Syracuse has a REIA club that I belong to in which I have been connecting with people along with others on here. Thank you!

I'm going to my first auction tomorrow to get a feel for what they're like and see how one happens. I did some due diligence on it and ran comps the best I could. Some things I came up with was that the house could sell for $95,000 conservatively if it was a fix and flip. It's assessed at 108,000 but I know never depend on those numbers. Depending on how much repairs are (where I'm stuck knowing what to look for when I go)...I figured I could offer 43,000 if it needed $20,000 in repairs and flip it for a 30% profit.

Questions...does that sound right? Any advice on what I do when I get there? There's an open house beforehand which I'll act like I know what I'm looking for by looking through the house but I won't really know and hopefully pick up on what other people are saying about it. 

I was told auctions are a great networking place to get in touch with other investors in the area too so that's what I'm hoping. Any advice would be great! Ty!