All Forum Posts by: Charles Conroy

Thank you Amy. 

I have a parcel of vacant land I've used for cash flow at times and it has gone well. I'd like to buy larger tracts but not sure who makes these loans being a little new to the game. 
Anyone know of brokers who do?

@Chris Mason "I didn't see where you mentioned your background".

I'm a firefighter/paramedic as a day job. I've land lorded before but never bought a property specifically for investment. Goal is to purchase next spring for that. Learning phase now. 

@Alexis Monroe all I did was call around to contractor in the county. They tend to know all the ins and outs of the whole build process. Definitely a "take money to make money" game. 

@Alexis Monroe
I do think it's a great idea. However, (and I'm not sure all the factors in FL) I attempted this plan myself here in Colorado. What I found was daunting. This seems to be best for the people with a lot of cash to start with or those with a solid network of investors. I did buy the land in the mountains at a great price for cash.
Then I ran into issues: 
-Permits - Here in CO we have to apply for well permits which can take a year to issue. 
-Drilling - drilling the well AND septic is very costly, I was looking at 24k minimum (I'll bet in FL it's a fraction of that and if you were buying land connected to city then not a problem) 
-Construction - Large cash down for construction loan and to get them started once you've gone through the headache of finding a quality contractor, that you will more than likely need to babysit to make sure they are getting quality work done. One thing I've found in my area is cutting corners, lots of crummy new construction happening here.
Amongst so many other factors.  

In short Alexis, I'm not trying to dissuade you at all, I think there can be great gains for this. But I learned a lot and probably the best thing was for a single middle class person this is a large undertaking at lease where I planned it. (A outdoors and ski community) I believe it could be very lucrative, but for someone like me I'd be tying up a whole of financial resources in one place. Just to get the land ready to build would have been an estimated 50k Pre-Construction. Then another 20%+ for construction startup. What can that money do for me elsewhere? Probably buy a handful of existing cash flow properties.  

So, If you decided to push forward do your homework with the county and government rules. Way the cost of TIME INVOLVED and how long it would take just to re-coup startup costs. IF you do push forward and are limited on time and cash, building a network of financial backers would be very helpful. 
If you already own the land; FL is growing, buying and holding isn't a bad move if taxes don't destroy the gains for you. 
Not sure if this is the answer you were looking for but hope it helped. 

Thanks for the tips, I still haven't learned my nitch for finding properties not on retail. Educate, I know... 

@Christopher Phillips
@Herndon Davis
@Calvin Ozanick

You guys rock thanks, I think I'm on the right track. 

Our tentative plan is to buy a duplex in our Denver metro area market, rent out the smaller half while updating the the side we live on then vice-versa. Eventually moving out and renting bother sides. Punching the numbers seems to be good cash flow opportunity overall even with the high market we live in. 
Good idea or bad idea? Should I leave as is and not spend money on upgrades other than paint and other cosmetics? 
This would be a first time in this process for us, any tips or insight would be helpful from those who have done it. 

@Riley Wenger
Another option or idea that is slower but has worked well for me (however may be somewhat frowned upon by most on this site) is strategically buy some vacant land. I purchased 2.6 acres in 2015/16 in Park county. I low-balled and got a deal. I'm in the process of selling now and am getting offers doubling my initial investment opening up the ability to buy probably 2 cash flow properties when said and done. You can use the time to save and educate yourself as I did, I can't speak to the long term yet but it seems to be a good path if you can hold off on the gains. Good luck in moving forward and I agree with above posts, talking to a lender and looking at your options is a really good idea too. 

@George Blower 
@Erik W.

I understand the factors in play. But overall what are you saying? Worth the risk or no? I've been tempted of late to pull 20k for another investment property. For me it would actually be a TSP loan, very similar.