All Forum Posts by: Jonathan H.

Wow you guys are quite the team! Thanks for the inspiration for a newbie!

just bumping this up since I posted it late on E.S. time.

As Im getting closer to the potential purchase of this piece of land, I have more questions.

Before making on offer on the property, I want to find out how much it would cost me to build on the land.

My concern is that I dont want to spend time/money having contractors look at the plot, give me estimates etc. and while Im doing that, the seller would turn around and sell the land to someone else.

What type of agreement could I have with this seller that would benefit us both?

I can imagine the use of an agent would be good for me since Im a newbie, but I would like to learn how to do this on my own, especially since there is a very small price tag on the land.

thanks

Hi Shanequa, thanks for the advice.
Just to clarify again though, Im not really looking for advice on whether I should quit my job or how much money I need.

Just wanted to get a few opinions on how some people have made the transition, or how some people plan on making the transition.

ah! My replied showed after you guys typed your post.

Thats exactly the kind of stuff I was looking for. Nothing too specific, just some basic ideas about what one needs.

Hi guys,

Maybe I did not word my question right.

This was more to get an idea of how some of you guys think. What sum would YOU need to start investing full time? What would YOU do with the money?

For someone like me, I dont know enough about RE investing to be efficient with my money so I would need a few hundred thousand dollars.
I dont know enough about creative financing, leveraging, or even finding deals to be useful with a large sum of cash. Of course this will change but the reality for me is that I am not educated enough yet.

This is just a question I asked myself the other day when I read a post by someone saying he would need at least 100K to start investing full time.

Im not really looking for a game plan on life here, and of course everyones market is different but it would be nice/motivating to hear what others believe they would need in order to leave their current jobs to invest full time.

How much would you need, where would you start and where would you hope to be in 5-10 years?

Hi Joel thanks for the reply.

There is a mix of plots Im looking at but they are in the 'mountain view, ocean, lake front'' category for cheap.
These are also personal purchases that if I 'lose' or have to tie up a bit more than I want, I will be happy with. They arent strictly an investment in the money-making sense.

For the advice you gave:
- I will just contact a title company and start asking questions.
-I will contact an Real estate attorney for him to draft up an agreement.

Pretty much it?

thanks

Hello everyone,

I am planning on purchasing a couple of plots of lands.
In the future, I will either sell off as the area develops or develop myself for leisure.

For one of these lots, I am planning on using the owner-financing that they are offering.

Here is my very newbie questions:

Who would write out this agreement?

How do I make sure the land belongs to me as long as I make payments?

I know these are some very basic questions but with such a small cost on the plots, it seems silly to involve an agent. I just dont know anything about purchasing real estate yet.

thanks

Thanks for all the info guys.

Yeah the rate is excellent and Jon got it right. I will be occupying the unit to start.

Love this forum!