Hi All]I purchased a building lot in a non critical wet land area. Property is not considered wet per City. I am going to have a perk test run on the lot. If it is wet what can I do to mitigate this issue? Infill etc....

Hi,I've noticed that most FSBOs are not receptive in doing a lease option or terms type deal.Some say don't use words like "lease option, lease purchase or rent to own" with sellers because a lot of sellers really don't understand and it may confuse them.I've been unable to find sellers that will entertain doing a lease option or terms type deals.I've heard that some use expired listings as a lead source but I've been unable to get a Realtor to provide any expired listings so I tried to contact the FSBOs directly on-line.Not finding any sellers that will do creative deals like lease options or terms. 

., but 30 years is a long time...however you have to be prepared for the possibility that the rents could go down and not cover the mortgage (not too likely in my opinion) or the vacancy factor could go up and you again may not be able to cover the mortgage.Lastly if we have another crash in values and it goes down under what you owe then your $35k equity could disappear.These scenarios could cause you to  end up giving it back to the bank and ruin you credit thru no fault of your own.

Education will put you in anticipatory and preparation mode, it is better to seek instruction, take action and fail fast. 

I can also help you with creative financing to achieve your goal faster.

Here’s what you need to know:1)Expect to Pay a Higher Interest Rate Than on a Primary Residence2)Prepare for Stricter LTV Requirements Than With Primary Residences3)Know What Lenders Are Looking For

Get creative with it.  

Taking the time to prepare for your first property is very smart and by joining BP you've already taken a step in the right direction.

Unfortunately, you're probably reading that MFH are dried up right now and it's true- you'd have to dig dig dig to find a motivated seller and use some more creative techniques to find the right property.

You also need to have thick skin and be prepared for the fact that some people you would expect to send you referrals, just wont.So pick at least 100 people in your sphere.