All Forum Posts by: Andrea W.

For minimum 800 square feet, $100,000 is possible if you can DIY most of it. You will need to hire licensed subcontractors for electric and plumbing and possibly other items. You may be able to get many materials at the Habitat for Humanity Restore or other discount locations. You might consider a 400 square foot tiny house on foundation that you can add on to later. Check zoning and permitting offices for minimum allowed square feet, owner-builder rules etc.
Having to put in electric, water, sewer lines or well and septic will run your costs up by $15,000 to $25,000, approximately.

Quote from @Andrea W.:

I am interested in buying (probably rural) land in (central) Florida but don't want to pay retail and don't see a lot of land going up for auction. What are some strategies and resources for finding this land? What about farmland? What about large pieces of land with old mobile homes on them?

Still looking for land, with or without structures, at any reasonable price. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Tampa.

Purchase price: $276,000
Cash invested: $75,000

SOLD!!!!!!!
Quarter-ACRE SINGLE FAMILY WESTSHORE (CARVER CITY) WITH DETACHED EFFICIENCY, MOTHER-IN-LAW APARTMENT, separate entrance. Great for house-hacking, great central location between International Plaza, Westshore and new Midtown development, huge lot. Ready to sell at 2-year hold point.

Nick, yes I think I'll need to do that.

Scott, thanks!

I missed the online event. :( Can anyone tell me what they said? Is the webinar stored here somewhere? I looked yesterday and couldn't find it.

I am interested in buying (probably rural) land in (central) Florida but don't want to pay retail and don't see a lot of land going up for auction. What are some strategies and resources for finding this land? What about farmland? What about large pieces of land with old mobile homes on them?

What if the buyer camps out in the backyard (or front yard) and doesn't leave the premises? Is this legal and does this give them any rights? Does the buyer have the right to start remodeling the property? If they add on a room can they say 'seller is living in my house that I'm living in and I don't want them here any more' and have them evicted that way?

Just to add a couple thoughts to the above and what's in the other thread, based on a situation I know of personally:

1. If you can get them at the right time of year, keep in mind that if they're retired and receiving a consistent retirement income, it might work for them to hold off on receiving their regular payments of investment income (to the extent that the law allows) to outright sell or owner finance the property. If they're relying on that income to finance their annual living expenses, it won't much matter whether it comes from the property or other investments, but they may be accustomed to pulling out $100,000/year or more in investments when it's not necessary for them to do so. Of course, they're not going to want to chase you for payments each year, so maybe agreeing to payments at the beginning of each year over which they're spreading the sale would be agreeable.

2. Offer to pay for them to consult with a CPA of their choice. Perhaps they can bring a list of ideas suggested by you, but if you put it in writing it should include a disclaimer that it's not financial advice and that the individual must consult a CPA or tax attorney to receive advice on their particular situation.

I've read several BP articles on 1031s and am left with a lot of questions:

1. What happens if the final investment property is converted into a primary residence and then after at least 2 more years sold as a primary  residence rather than an investment property? I take it that taxes will  be due on the profits from the previous sales, but will the $250,000/$500,000 exemption apply to the last property? Those taxes would not be due until the final sale correct?

2. What if you spaced out sales or exchanges such that you're only gaining $50,000 total income per year and it's your only income? Then it  makes sense to sell outright rather than exchange because your tax rate  will be lower and little or no taxes will be due, correct?

3. Can you elect to pay tax on part of the sale even though you exchange for an equal or more valuable property, say on $30,000-$50,000 of the profit on each sale?

4. Can you divide up the sale of a single property over years, e.g. either subdivide the property and sell a piece at a time, or do a sort of owner-finance where the buyer is paying you, say, $30,000 per year until paid off?

This may be a good time to sell then. Prices are high and the incoming administration is expected to take actions to make home ownership more affordable, so you'll have more buyers.