All Forum Posts by: August Hansen

I have a .75 acre lot i am interested in purchasing which the front .25 acre was just taken via eminent domain due to the widening of a two lane highway to 4 lanes, whIch Is a good thIng since the lot wIll remaIn as hIghway frontage. My goal is to purchase the lot and build multi-unit commercial warehouse/offices each with a bathroom. I’m thinking of a prefab metal building and rent the units out. I can get a kIller deal on the lot and was thinking a metal buildIng wouldn’t be too terrIbly expensive. Does anyone have any experience in this realm? I am a residential builder and commercial is not my strong suit, although some of it does translate. Thanks in advance! :)

Hey I'd love to help you. PM me :)

Great new look, but found what appears to be a big bug. Can't search more than a single word. If you enter two words, it says "check internet connection." Hmm.

I have never purchased a home, nor a new home. We have been pre-approved for an FHA or conventional to build a new home and have received a GFE and closing costs worksheet. Are discount points and interest rates or any other closing costs negotiable?

So my wife and I want to build in a brand new development in a nice area.  The scary thing is, we will only be the second home in the development, so there is some risk involved.  The deal is, the land developer and the builder are doing end loans and we basically pick the floorpan and everything we want in it.  One of my questions is, do we have negotiating leverage with the builder due to the bit of risk involved building in this new neighborhood?  

I've never bought OR owned a home before so I'm not even sure if I can negotiate on a new construction home.  They are basically giving me a price for what that home costs and the upgrades we want to put in it are obviously extra.  Is this negotiable?  I  just don't want to get taken advantage of seeing as we have never owned a home before.

Thanks in advance for help!!

If salvageable, I'd say the ARV would be around 60K. It is a small 900 sq ft house and would need a new roof, structural repairs, new kitchen, bathroom, floors. It would probably be best to tear it down I'm thinking. Not to mention the black mold and dead animals. :/

Hello Bigger Pockets!  This is one of my first posts and it is that of a potential deal.  Here are some details...

   I found a property on craigslist that is 2.2 acres with two small houses that are in rough shape.  One of which needs to be demo'd and the other which may be salvageable.  The property is in a rural area just south of Tallahassee, FL and has septic/well.  He has the property listed for 16k.  I did some research and found that he purchased the property at a tax deed sale for $7800 three months ago and does not live in the area.  I also found that the property has an unpaid tax bill of $850.  Also, it does not currently have a quiet title.  Property appraiser shows the land itself is valued at $11,000, but I understand there is more that goes into this determination besides that.  I just used this number for simplicity of quick analysis.  

   Long story short, i've got the guy down to $6500 cash for the property.  Due to it not having a quiet title, having a small delinquent tax bill and the fact the property is quite overgrown and will need some demo and clearing, what are your thoughts on this deal?  I might also add that he seems eager to sell and wash his hands of it.

   My initial thoughts were to either clear it and sell as acreage quick or put some mobile homes on it to rent out.  Or fix up the one house(if salvageable) and rent it out or sell.  Would you run from this deal or do you think there is something there?  Thanks in advance for any insight!

Thank you Brandon Turner! Glad to be a part of the community. The links you shared were great reads! I will say, its nice to inject yourself into a community like this as a newb and not feel out of place. It's actually quite the opposite, I feel right at home. Much appreciated!

Thank you for the warm welcome gentlemen! Glad to be here. A multiplex is something we are currently looking into, just waiting to find one for the right price in the right location. I'll keep you all posted on our progress. Thanks again!

-August

Thanks!! Well, it's close to the river, not precisely on it. But close enought for us!
Yea we plan on renting out the first home and applying the income to our second mortgage. Tallahassee is a wonderful college town with great potential to own some income properties. So that is the initial plan, id love to eventually have a few properties. But I'm a man of research. I won't make a move until I feel educated enough to make it.

Lake front would be great! Keep me posted on your progress! Cheers!