All Forum Posts by: Jack Schwartz

@Jerryian Francois

When that comparison is done, don't forget that the hard money lender wants interest in most cases from the start on the full amount while a HELOC only requires payments on what you're using, so your project plan and timeline are very important.

There must be comparably priced buildable lots available in the general area that are not right next to a landfill.

Or more expensive lots that are affordable and buildable that are not right next to a landfill.

Landfills and those enormous overhead electrical wire distribution towers both carry risks in many people's minds.

Selling a three year old car full of rust holes is going to be a lot harder than a car from Florida with no rust even if the Florida car costs more.

It's not something someone can fix-this worry they would have about soil contamination affecting themselves and their family and their pets.

Is it zoned for things such as a filling station, or a strip Mall, or medical dental, or a church. Something besides primary living space for human beings?

But even in those instances there is still this black cloud that causes potential worry in the buyer's mind. Because you said the reports are clear-so in reality-the risk seems contained at this time. So it must be worry that is jumping up and causing cold feet.

Just my 2 cents.

Partner with a builder and split the final sales price based on value difference before and after the building

Lower the price enough to not lose the property when the balloon comes due?

Sell your current home and build on the land?

Build a new primary with the preferred financing and turn your old property in to a rental?

Put it on an auction site starting at your loan balance?

Option 1&2 are obviously easiest/quickest. Everything else is an attempt to lose less money.