All Forum Posts by: Eli Molloy

@Angela Sutton Any invites still available? I keep hearing good things about the RE rooms on there and the FOMO is kicking in. Thanks!

The power line easement and electric utility rules & regulations will give you a better idea of how close you can build. 
To expand upon the previous post, you want to make sure the lot is buildable with all the local and HOA regulations. Does it have enough frontage? Is it large enough to fit the minimum square footage house while still meeting the setbacks?

When you say it’s a lot number on the builder’s map, are you referring to the subdivision plat? 

Call your water company, they will know exactly what your tap-on fee will be. Make sure to ask them if that includes the tap and meter installation. Then, find where your water line from your well goes into your house. Measure from there to the water main, or the edge of the road. Call a plumber with that distance and they should be able to give you a rough cost for your service line.

I don’t think there will be any discount for the installation because you already have sewer, but your bill may be lower (or higher) depending on usage and billing structure. There’s a chance the previous owner already paid for a water connection when they paid for the sewer, but i wouldn’t count on it. 

Are the water & sewer mains run to the property & you just need to run service lines? Or do you have to extend the mains?

A civil engineering firm can do a feasibility study prior to locking down the property. The study would show utility locations and connection fees. You can also contact the individual utilities yourself. 

Did you get a survey plat with the closing documents? If so, contact the surveying company that completed it. Depending on how detailed of a plot plan they require, most of the work will already be done. 

You may be able to find parking lot development requirements on a local municipalities website, probably a larger City’s, that you could use as a guideline. A lot of state’s Depts of Transportation (not sure on TX specifically) will post past project bid tabulations online and may even have a document showing average cost from the previous year. There will be a fencing item in there but it will likely be a difficult search.

I know you say you will eventually get with an engineer, but now may be the time to do this. Most engineers will do a site concept plan for much less than a full blown design. This is common to do before you are locked into the purchase. It also gives you something nice to show investors and lenders. They would also be able to give you an option on the grading. 

If you don’t get any specific recommendations I suggest starting your search at Florida Surveying & Mapping Society. I find that most firms that are active in professional organizations tend to be some of the more reliable. 

https://www.fsms.org/

There are a couple general ways I’ve heard of structuring seller financing. 

One is to have the owner hold a note for 100% of the property or 70-80% with the buyer putting in a down payment. More common SFRs and lower dollar properties. 

Another is to have a traditional loan for 70% and the seller finance the rest, or a portion of the rest with the buyer putting in a small down payment. As mentioned above, you should be open and clear about this with the bank/CU , they may not be open to the idea. 

You can get creative when paying the agent. If the seller has the cash and is willing, that's easy. Or there may be some prorated rents and CapEx fund money to use.

Good luck!

I once rented and lived in a townhouse about as close as you could be to RR tracks. I chose to rent their because I was desperate for a place and it was brand new construction. It was alarming in the beginning, but after a few weeks I didn’t even notice the horns. If the demand is there and the price to value is right, people will rent.