All Forum Posts by: Jessica Muto

@Carson Fox That's awesome to hear! Our plumbing company is at that growth stage where it feels like we are spending money almost faster than we can make it, and I know there is a better way to manage the cash flow. And since we are JUST starting the real estate investing arm of our business, I want to start that the right way. Any tips or tricks related to real estate specifically?

Thanks!! 

Hello,

I just started reading this book and feel like it may be the strategy we need to finally get ahead. Man, it is expensive to be successful, that's for sure. 

I'm curious how it's been going for you @Carson Fox over the past few months, what you like about it or don't, if it's still working, or if you gave up on it and why. If you don't mind an update, I would appreciate it!

Thanks! 

@Mark Doty I'll send you a message re: plumbing! Congrats again and can't wait to hear how it goes for you guys. 

@Mark Doty congrats finding a property! How did you find it, and what kind of financing are you using? I remember you saying this was your goal a few months. Good job!

Those are great points, @Shahriar Khan . I've spent hours reading county and city websites for information on planning, zoning, applications approved, etc, and have learned so much already. I definitely agree that we will make some mistakes along the way, which means at least we are doing something and not just talking about it, and am trying to do all I can to minimize those mistakes with education on the front end. I feel we did buy at the lower end of what land is selling for in the area currently and have several exit options between now and 10 years (though hopefully by 10 years it is doing much much better) to at least break even (worst case.)

I'm looking at this land stuff like having a kid: for a few years it won't pay for itself but eventually it will be able to support us in our old age. :) It might even keep me up at night. Looking forward to learning and being to share that knowledge as we go through it. 

@Jay Hinrichs and @Veronica Fletcher - great insight about water/mineral rights. That is something I definitely need to learn more about. In this case we are not planning on doing any of the development of the land ourselves but want to hold onto it as development catches up to hopefully lease to someone who will want to build a commercial or industrial business on it. Of course, we could build on it ourselves down the line if necessary, but I will put looking into the water rights on my growing to do list! 

Happy New Year!

@Shahriar Khan That is an awesome checklist, and just what I was hoping for! Thank you so much for taking the time to write that out for me. 

As I've been researching all of this, the next question I have is about upcoming developments that may not be part of current maps/zoning, etc. For example, if I heard that a major developer was about to break ground on a huge development near by, where can I do to confirm that and what information would I need (I.E. would I need their parcel number in order to call the county planning office, etc?) What have you found that works (if anything) for this kind of "future" intel?

Thanks again!

@Veronica Fletcher Great point. I will have to do some digging to look into that here in California as I'm sure it is an issue here as well. Which agency usually handles that in Idaho (if you happen to know?)

Thanks! 

@Jay Hinrichs Thank you so much for taking the time to write so much good advice! I am getting on the phone today with the county, city, etc to get as much free info as I can. The seller is providing her hazard reports, etc. Should I insist on title insurance? 

We are doing a land contract and paying cash (affordable.) The goal is to wait a while and then lease it to someone who will use it for commercial/industrial use, so obviously I will need to make sure it can be used for such things. A hangar does sound like a terrific idea, too! 

Thanks again for your help!

@Ned Carey thanks for your response! It's zoned for airport development which I understand means commercial or industrial. Being new to this, my next question is: does one just google "phase one environmental study" and call someone to come out? 

Thank you! 

Hello!

I've done some searching for this information on the forums and haven't found it, but if there is a thread or blog answering my question, I'd love to read it!

The question is this: What due diligence must be done before buying a parcel of vacant land? I have some due diligence checklists and I assume many of the items there are the same for land, but are there any items specific to land that would not appear on a checklist for buying a house or multi family? 

I am looking for the best way to find the facts in a timely fashion to make this decision, so if anyone has tried and true strategies or ideas, I am all ears!

Thanks so much in advance,