All Forum Posts by: Steven O'Neal

yes other than that. I am thinking more along the lines of land contract/lease so I don't have to go through closing on multiple loans.  Any advice on approaching seller for short term financing? Basically, until my home sales and I can obtain a construction loan. Although, I would also like an out in the case my current home doesn't sale.I would like to make the transition as cheaply(fee wise) and safely as possible.

Hey BP,

I am looking for some guidance on the best way to approach a situation.  I am interested in purchasing a 10 acre tract of land on which to build my primary residence. I would like to secure the land, place my current home on the market and let it sale before trying to obtain any further financing for construction.  What are the best options for securing the land prior to selling, obtaining additional financing and avoiding multiple closings?

Thanks! 

Hey Nelson,  

Welcome to BiggerPockets.  I live in the Jacksonville area as well.  I'm not an advanced investor yet but I guess my advice would be:  Make sure of your property analysis.  Every house has a price that it can be bought for to yield a great return.  The trick is offering that price and sticking to the numbers without letting your emotions get tied up in the deal.  I think if you are doing it right, you will analyze A LOT of properties, make an offer on some, and actually on close on the best deals. I don't think there is a better place to learn than BP!

Thanks Jeremy!  Yes I have been reading through a lot of information on here already and have noticed the things you mentioned!  It's awesome! :)

Hello Everyone,

I'm so happy to have found this community! I have been interested in real estate investing for quite some time but wasn't sure how to go about gaining the knowledge needed to pursue my interests. My RE experience began in 2009 when I purchased my first home. In 2013 we decided to expand of family and such, decided it would be nice to upgrade our residence for more room ( all our family lives out of town). I decided to keep the first property and became a landlord which has been great so far. The first home was built in 2006 and the tenants maintain it well so there hasn't been much maintenance on my part as of yet. My expenses are being covered on the first property but I am not cash flowing a significant amount. Anyways, I am looking forward to networking with like minded people, learning and finding ways to begin investing and generating passive income. I am most interested in flipping, and b&h multifamily/SFR. I know those may not be considered passive in a lot of cases, but I am a fairly competent DIYer and really enjoy using my tools, physical activities, and seeing a project come together. I have pretty constant projects going on around my house, and my J.O.B in IT simply does not provide that type of gratification! :)