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Finding Land to Build Your Home
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Commercial Real Estate - Asking the Right Questions
There are many "insider" commercial real estate secrets. One of the most important secrets is knowing the right questions to ask when investigating a commercial property investment. While I'm not going to cover all of the potential questions in detail, I will make you aware of some of the key issues. I'm also going to suggest some places to go for assistance.
Investing in real estate is... Read real estate article
Truth About Equity And Repossession
These questions are to be asked and need thorough explanations with many legal concepts that are beyond the nature of this article. However, we can clarify some concepts and explain the basics about equity and repossession so you are well informed when searching for a suitable loan for your budget.
Understanding Equity
Equity is the difference between the home value and the ... Read real estate article
Finding Land to Build Your Home
Zoning In
Once you understand what is important to you, gain an understanding of your local area's land-use plans and zoning requirements. Otherwise you could end up buying a beautifully wooded, tranquil lot that is slated to be four blocks from a new six-land road and strip-mall - one that's suddenly a lot harder to sell than you anticipated ten years earlier.You can usually review these ordinances by visiting your city hall.
Next you need to know if the local building authority and/or subdivision have requirements regarding the type of house that can be built in that area, and how the land can be used. Land use and and house style restrictions can surprise you -- down to such seemingly odd things as the city prescribing the maximum width of roof eaves.
Questions to ask include:
-What are the lot setbacks, and will you be able to fit the house you want on that lot?
-Are there easements into those setbacks to consider?
-Are there minimum or maximum requirements on the size of house in the area?
-Are there any restrictions on roof type, exterior materials used, or style of house? For instance, in some neighborhoods in the southwest United States require that homes have flat roofs, while other urban-infill areas across the country are drawing up restrictions against such roofs. It is also common to see subdivisions with Architectural Control Committees that require a certain amount of natural materials on exteriors (such as wood or stone) which can greatly affect the price of the home you will build.
-Does the neighborhood association have any say over the type of house you are going to build?
-Do you need to pay dues to a neighborhood association? If so, how much are dues each year, and what do they include?
-Are there restrictions on the types of animals you can have? Or whether or not you can park a trailer, a boat or an RV on the property?
Lifestyle & Amenities What's important to you in your daily life? Do you enjoy biking and hiking on dedicated trails on a daily basis? How much travel time can you handle when commuting for work? Do you want to be near family? Are certain school districts important to you? Do you enjoy motorized toys such as an RV, motorboat or snowmobiles, or perhaps you would like to raise a horse? Make sure you answer these basic questions before you get down a path with a certain lot that might leave you feeling shortchanged if local restrictions unexpectedly prevent you from satisfying some of these basic needs.
The Lot Itself
Performing a soil test can be a worthwhile investment to assess the viability of the land you are considering.
Things they should help you evaluate include:
-What is the soil type of the lot, and will it require improvements to build the type of house you want? If you want a basement and your lot is rocky, you might have just signed up for $20,000 worth of blasting expenses. Similarly, a lot with peat underneath it can require $20,000 or more in pilings before you even start the foundation. More commonly, clay soil might require that you bring in some higher quality fill material as a base for your foundation.
-Where is the water table? If it is high, you might have water intrusion problems in your basement. Too low and you may need to pay more to drill a well to supply your country get-away.
-Are you on city water and sewer, or will you need to pay for a well and septic?
-Do you need to pay for water rights? In the west, it is not uncommon for areas separated by just miles to have vastly different water rights.
-There is always a tradeoff between how close you are to main roads and your exposure to traffic noise. Be sure to consider that balance in order to find what is right for you.
-Are you near an airport? If so, what are the flight paths in and out of the airport, and are any new runways planned that could affect you? Screaming over airplanes while sipping your morning coffee is probably not your cup of tea.
-Is the land hilly or flat? If you like a lot of light in your basement, a walk-out lot is ideal. Conversely, a lot with a steep slope may require you to build retaining walls you hadn't planned.
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Real Estate Investing Guide
There's a lot of deal killers that you've got to keep your eyes peeled for or else you'll say "another deal down the tubes." Some of these deal killers can include attorneys, realtors, and other investors.
However, I'm not going to touch those in this article. I want to go over one of the deal killers I see many investors making that have no clue there making... Talking numbers to quick.
The fact is you'll dig yourself an early grave as investor by going in for the kill to early by talking about the house numbers. More often than not, investors talk money to quickly when meeting with sellers. And as a result, the seller's door will shut, while the investor may never get the second opportunity.
So, you wanna increase your profits and the likelihood of getting an offer accepted?
Then get the motivated seller to like you first. When they like you, they'll feel they can relate to you and a certain level of trust is earned and thus your chances of getting the deal closed just drastically increased.
Use the phone as much as possible to collect enough data to see if the deal is worthwhile, but when you meet in person, it's better to get to know the seller and find a common ground before you ever talk about the house and the house numbers.
It's better to back away from the money issue all together and build a strong rapport right from the gate. A couple of years ago, I was assisting a knucklehead investor in another market that was looking at a deal that had about $40K in equity. He'd met with the owners and got nowhere, so he called me to see if I'd meet with them for a percentage of the deal.
At the time, I had a few deals in the works in this area myself, so I agreed. He'd met with these people already and they'd talked by phone on several occasions but he couldn't land the deal. I spent a little over an hour and learned more in that hour than he knew after three or four meetings. I took an interest in them by listening to their family history, how many kids they had, and yes I walked away with the deed. They did the deal because they trusted me because I invested in them first.
Make sense?
This is so simple to do, yet often overlooked. I know you can pull this off, so listen up.
Look for items that you can make small conversation with to build a level of rapport. Here's a brief list:
- Awards on wall
- Vehicles in Drive
- Children pictures on wall
- Diplomas displayed on wall
- Artwork
It's literally amazing how much you can learn by just looking at the walls and walking up the driveway. When walking up to the door, pay close attention to the gutters, the way front door looks, the mailbox, and the landscaping. Does it look overgrown, does it look in need of repairs. If so, the seller could be facing some financial hardships. Just be aware of what's going on by observing what you see with your own two eyes. This alone could open the door for you conversationally plus let you know what type of situation the seller may be in.
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