All Forum Posts by: Jeff Harris

I am a Realtor in the Hudson Valley just looking to network with other Bigger Pockets folks to talk shop.  Please connect or leave me a reply.  

I would love to have the cash upfront but it is not going to happen. The 20 acres is attached to the property my house sits on the developer told me without approval to subdivide we cannot do a deal also that right now raw land is not in high demand.  There is plenty of raw land in the area for sale so I am sure he is correct.  He also said that he doesn't think we would have a problem but with the town you never can tell.  we can do like 5 lots with the zoning in place (due to the terrain) and I can still keep my house and about 5 acres.  The town could say no we will let you do 4 or  you can do 5 but we have to leave future access road to the property behind us or any number of things that can affect the return he expects on the lots and therefore what he can pay me.  Too many question marks for him to buy from me with cash without approvals.

I LOVE your plan.  maybe I can try to find another gig so the banks would lend me. But I need that 100k to get stuff rolling and so I can't stay at this job.  I really would rather not do anything other that real estate investing.  I am burnt out with the 9-5 thing.

I would love to have the cash upfront but it is not going to happen. The 20 acres is attached to the property my house sits on the developer told me without approval to subdivide we cannot do a deal also that right now raw land is not in high demand.  There is plenty of raw land in the area for sale so I am sure he is correct.  He also said that he doesn't think we would have a problem but with the town you never can tell.  we can do like 5 lots with the zoning in place (due to the terrain) and I can still keep my house and about 5 acres.  The town could say no we will let you do 4 or  you can do 5 but we have to leave future access road to the property behind us or any number of things that can affect the return he expects on the lots and therefore what he can pay me.  Too many question marks for him to buy from me with cash without approvals.

I LOVE your plan.  maybe I can try to find another gig so the banks would lend me. But I need that 100k to get stuff rolling and so I can't stay at this job.  I really would rather not do anything other that real estate investing.  I am burnt out with the 9-5 thing.

Decisions To Make, Advice Appreciated.

I have a 2 part plan to gain independence get started as an investor. 

Part 1) My company is being sold and I am getting a pension cash out of about 100k (the catch is I don't stay on with the new company (I don't want to, however this means income and insurance stops and I will need to live off the cash until part 2...

Part 2) I have a home on 20 acres which I am tentatively planning to subdivide.  Once (if they are subdivided successfully) I will sell the parcels to a builder.  The builder is local and has a fantastic reputation.  They are going to assist me in getting the subdivision done for a few (Around 10k) which will cover mostly every normal thing associated with the approval.  The deal should net me 350-450k.  Note on the house is 200k

I can then use the proceeds from the deal to buy an income property or two. (I would fix&flip but the market is not good for sales where I am)

Town approvals are never taken for granted so I am afraid somewhat that some strange unforeseen issue will cause the town to deny my subdivide or it will take so long it will exhaust my capital. 

I have some Decisions To Make, Advice Appreciated.  I don't have access to the 10k to do the subdivide without the pension cash out.  I have no cash reserves. so has anyone done something 'risky' like this?  Any guidance or horror stories? anyway to minimize my risk?

I did have another thought which was to try to find a multi unit ASAP around 75k, maybe a distress sale that is already rented and try to live off the income and leverage that if things take too long with part 2.

My wife is 'risk adverse' to put it mildly and is very nervous, I am too really.  so I hope I can find some supportive cases or some sound advice to help steady our nerves.

Thanks in advance for your input!

Hello BP Investors, I am eager to start investing but I realize that i have learning curve to deal with in order to be successful. I feel like I am in the right place to learn how to become financially independent through REI.