All Forum Posts by: Geoff S.

Throwing a question out to the BP RE  Community.

Is anyone using energy effiency ratings, such as HERS (Home Energy Rating System) as a way to increase monetary  value for energy efficient homes? Either for purposes of leveraging for higher home loan amounts or for resale 

I'd like to start a discussion about what seems to be a missing opportunity here but don't know in what sector (banking, realtors, appraising, inspecting) it needs to occur.

Any thoughts?

Thanks for the input. I have emailed him my position below and await his response.

I appreciate your reduced asking price and as I have mentioned, I am willing to make a firm commitment at $125k with a P&S and an earnest money deposit but some of the covenants and their wording give me pause. Specifically, the second and the third. I have a problem with "proposed house design to be approved by the seller" as any prudent investor/builder spending 125k on a land purchase and not knowing whether the expense of design work will even work.

My intentions are to build an approximately 2400s.f.house using the most energy efficient building standard available today. I have already hired the services of a State of Maine Registered Architect who specializes in energy efficiency and together we will be collaborating on a traditional based design. I also have no idea of what you would find acceptable in a house design other than your desire to see house siding of claps or shingles.

Some of the other covenants of concern that are ambiguous are; "No stockpiling of materials outside the buildings", not sure how a house can get built without doing this. "No in-home business allowed", any business? I can't imagine this would or should apply to a homeowner who has a flexible workplace and can function at home via the internet. "Exterior of house, outbuildings and land kept clean and orderly", I understand the intent but this is rather subjective.

Bottom line, I understand wanting to protect your interests in the overall development. But as much as we, (myself, partner and architect) think highly of the lot, the above covenants as they are written are a deal breaker. I hope we can work something out.

Thanks, Geoff

I am a builder and have negotiated a price for a 3+ acre lot in a highly desirable town here in southern Maine through a private sale. It is 5k less than asking and 15k less than any other building lots in this town. This lot, in my and everyone else's opinion (architect, engineer, real estate agent friends), is at least, if not more, desirable than others available. It is a front lot of a two lot development with a gravel driveway and underground power already installed from the town road. Lot consists of 1/2 fields and 1/2 woods and has excellent solar gain orientation which is most important for high performance, energy efficient building which I specialize in .

The seller, an engineer, is retaining the back 3+ acres for himself, but may consider selling to me if he feels the "front lot development goes well".  He is supportive and excited about energy efficient residential structures and the fact that this is what  I specialize in. My concern is that some of the covenants he is conveying as part of the sale are too restrictive.

I would like to get members opinion on these, the overall potential deal and how best to proceed. If you have any further questions or if I am omitting any pertinent info let me know 

Covenants of concern:

- "Proposed house design to be approved by seller"

- "No stockpiling of materials outside of buildings"

- "No in-home business allowed"

- " Exterior of house, outbuildings and land shall be kept clean and orderly" 

    there are others but they are typical and acceptable.

Some feedback please. I am in the initial stages of refinancing my existing primary home mortgage and loc. Lender verbally asked for gross income, current debt , home value info, etc. Numbers and credit were ok. Got approved but W2s are not showing gross income on box 1 because of pre tax healthcare deductions. This is a significant amount that I am being told will keep the process from moving forward. Lender says they cannot use 2014 year end pay info reflecting true gross income. Anyone else run into this situation and how might it be handled?

Jon Klaus Why not market the farm land to young farmers? At the rate in which good farmable land is being lost to development in New England there is a demand by farmers for this type of land. Check out www.farmland.org

Frank Uzzi If I'm not mistaken, SEC guidelines for investors in crowd funded securities (have a net worth $1 M or annual income of $200k) are probably going to prohibit this particular individual as well as the majority of Americans from participating. Someone correct me if I'm wrong, but that is what my research is telling me.

@Jean Bolger More like, "you have to share the trauma to get over the experience", but who's to say since we never actually smelled it.

Rachel H. Thanks Rachel, will keep looking. @ Kirill Do you rent out your MH? The rate quoted to me was for a rented out unit. The premium went from over a grand to around 650 for owner occupied

Looking for feedback please. I have called several insurance agents about premiums for a 2005 MH (2 br 2 ba 1000 sq ft) on its own land that I am considering to buy and rent. I'm being quoted in the low thousands!! Do BP MH investors find this high or typical? Trying to get some perspective. Thanks

Jeff Miller Majored in Mathematics but Physics was my favorite class in both HS and college.