All Forum Posts by: John McCormack

@K Marie Poe

Thanks much for the clarification about the water and sewer Marie I wasn't aware of that. I will further research this to find out the real cost.

Ha, it's funny you mention selling it to a neighbor as we were actually thinking about talking to the neighbor to see if they were interested in selling us their property. Currently, and older dilapidated home sits on their property and we're trying to determine if it is vacant at this point.

Actually, the real reason there isn't a structure on our land is that this has been in our family since 1914. To make a long story short, it was passed through from grandparents, to parents, to multiple members owning a piece. My in-laws continued to pay the taxes on this so it was signed over to them eventually. They had neither the means nor the knowledge to do anything except let it sit.

Again, we have no desire to build new construction on the parcel as you've stated, the costs don't really add up and we do not have the experience for that.

I'll mention once again to all, we're thinking of placing a mobile/manufactured home here. We own the property free and clear. We do not want to really sell it.

Should a mobile not not even be a consideration for us at this point? We believe we could get $500-$600 a month for a 3/2. Any and all advise is welcome!

Thanks much in advance!

@Tom Goans,

Thanks for the information and time responding, much appreciated Tom! Your advice is definitely something we value.

I'm not sure we are speaking on the same level in regards to our ideas of "developing". I'm in no way shape or form thinking about putting in condos, apartments hotels, gas stations or anything near the scale of $14 to $34 million. Also, this .9 acres is already on a main road with houses across the street, to the left and right of us and also behind us.

I'm not quite sure what you meant when you stated that I made a mistake on the water sewer cost without explaining further or offering a suggestion. I spoke to city zoning and planning and stated we'd simply like to get tapped into city water and sewer to which we were given the quote I provided, am I missing something you can shed some light on this?

I definitely agree with you on the population and unemployment numbers. Lending wouldn't be a factor really since there wouldn't be any financing.

We were thinking of putting a mobile home on the property which would be no more than $15K. Maybe I should restate the question as "We have a free and clear piece of property.

Let it sit and do nothing:

- OR put a mobile home on it and rent it?

- OR (possibly) re-zone it and put storage rental?

- OR sell the land?

Again, we're really only in the idea phase here and that is the reason we're proposing these questions on BP. Is there any further info I can provide that would help? I can simply provide the town in North Carolina if this helps.

Thanks again.

John

I come to my fellow BPer's for some knowledge about a property. Thanks much in advance to anyone taking the time to review this.

My wife and I have come into a property in NC that her parents have the deed on that is just sitting there and we're weighing our options. So as Josh usually says, let's jump right in. I know you guys like details so I'll try to provide as much as I can.

- parcel of land is .9 acres. mostly flat, few dense trees is back that can be cleared or left alone

- currently zoned for residential but we're inquiring if that can be changed

- closest town is less than 5miles away with population of approx. 16K in 2011

- located less than 2miles from small county owned joint civil/military airport. 77% general aviation, 23% military. average 60 flts per day

- adding water and sewer to property is approximately $2500.00

- median average income $35K, median house/condo value $115K, median gross rent 2009 $585

- 9.8% unemployment 2012, 2005-2009 Industries: (1st) Manufacturing: 16%, (2nd) Retail: 12%

So, what would you guys and gals do? lease some land, mobile home, SFR, storage units or just sit on it? Our idea might be a mobile home but wanted to hear from those with much much more experience than us! FYI, we were already told that we cannot put more than 1 mobile home on this plot due to size. Thanks again!

John

Thanks much Van. I'll reach out to him. Would it be ok to mention you referred me to him?

John M.

Hello All,

I was wondering if the BP community would know of or be able to refer me to an accountant with real estate experience in the South Florida area. I'm located in Delray Beach, just north or Boca Raton. I'm aware that I'll still be responsible for vetting them and I have a great starting list created by J. Scott to do so. I already have one I've been working with for my other business but not really happy with them and looking to expand my choices. Thanks much in advance!

Regards,
John M.

Nobody huh? Truly is hard to find a good one.

Hey John, you seem to have knowledge of the SFL market but I see you're from PA. Do you work down here alot also?

Thanks for all the info guys (and gals). Just trying to get educated at this point. I feel like I haven't even scratched the surface. I'm kind of giving myself a 1 year deadline to know as much as I can before jumping in. I very much have an analytical mind so hopefully I won't suffer from analysis paralysis;-) We're in a good spot now with my wife's former house renting out in Asheville NC.

Hello BP'rs,

Looking for any solid recommendations for property managers in the Asheville area. Currently own a single family residence with no problems that the inlaws take care of but entertaining the idea of taking the burden off them. Appreciate any info you can provide!

John

skip Boca, Delray Beach is where it's at! ;-) but I'm biased. Hello from a new member in that neck of the woods. John