Advice...needed from some older wiser people

Im not older or wiser but you AT are going to hear what I have to say. I'm not certain I would pay that amount of money for undeveloped property. Is any part of that property in a flood plane? If I were you I would cancel my lease at the apartment and put my things in storage as you stated. Live on the truck, pay your debts and put that money your making in the bank for a couple of years. Theres not a felling in the world being debt free. You just came to this industry. Keep learning it and become more comftorable with your professional occupation before you make a HUGE financial decision like that.

One last thing. If you do decide to buy that property ENSURE you take the contract between you and the seller to a lawyer and have him view it or write it.

Good luck to you whatever you do. I wish the best for ya AT.

 

Heck my parents own like 10 acres just out side of town in Mich with a 6 bedroom /3 bath house on it bought back in 91 for 118k now worth 250k+ because of they built a mall a mile away... me well the wife n i are not planning on do more than living outta our truck because we want to move from mich to else where and shellin out 600 for a place i would only see rarely would be a waste of money i could throw into savings. my parents are storing our things and i am selling off the car. when i visit them they got plenty to borrow for local running around..lol
anyways i doubt this was helpful just wanted to say it none the less.

 

AT - Work with a relator on this. You will be so much better off. 175k is a lot of money for jsut land. I would bet that there is decent land between home and Conover. I know that area pretty good. I have a very good friend that has been looking at houses south of Conover, there are better deals out there.

If you would like the people they are working with send me a PM, and I will contant my frineds in Conover and ask for the info.

My friends are less than a mile from the Conover terminal.

Bob

 

Well you Sir sure seem like you have your head on straight. Your plans of building your future darn near mirrior mine.

And this statement has me giggling like a school girl! :smt046

 

I'd wait a while and see if the bottom (real estate) becomes visable.

I believe it's a ways off yet.

Next year that may be priced at 130K !!

Good Luck, you'll make the right decision !!

 

AT, First off, you need to find out the particulars. IE...will you receive all water and mineral rights to the property? Is there a well on the property or is there city water running to it. How far away is the nearest electrical connection and what is the cost for the power company to come out and get power to the property. You will also need to find out if you can lease the property out for hunting purposes to make extra money.

Next, you need to find out what this owners interest rate is. I can guarantee he is not willing to do it for 0% and if he is anything over 5.5-6% he is crazy. Also, find out from the owner if you have the option to go to a bank and secure the money to pay for this. Lastly, is this property developed or undeveloped?

I think you head is defiantly in the right place. There is nothing better than owning property and knowing your money is being invested wisely. You just need to make sure you cross all your "T's" before jumping into this.

 

unless of course you don't see it as an investment but you see this as a potential future home for your family..

ive been on my own in regards to property for 14years, overseas and now in the US too, and its become all too apparent that right at this moment in time we all want to have as little debt as possible because honestly who knows where this country is going, or even where the dollar is going, but that is not to say that you should not get in debt AT, as we also need to be looking at having "that place" that we dont rent, "that place" that is OURS!!

As a previous poster mentioned about a realtor, that may be a good idea, i mean if this guy is gonna finance you and down the road you are in deep...what if he goes under financially?? would you secure your piece to the value of what you paid?? but maybe lose this place you wanna call home?

I mean it sounds real nice and in regards to living in the truck, heck if i was a single guy sure id be giving this kinda thing SERIOUS consideration!

good luck with this possible venture and its clear from your other thread that at your age you really do have your head on your shoulders..

 

I took a look at the property online since your description gave me enough info to look it up. Looks like a nice property from the air and the price is nice but, having worked with a surveyor, I would not jump into something this large unless you have someone very knowledgeable in real estate to help you along. I've seen many folks get burned because they didn't understand all the potential pitfalls in buying property.

Does the land perk? And don't take the seller's word on that! They should be able to show a soil test/plan from the health dept. if it's been checked recently. That's one of the most important questions if you're thinking of building on it or subdividing it in the future. There isn't going to be any public water/sewer around. Sounds like a minor thing with so much acreage but we've surveyed similar pieces of land for customers that had high hopes of subdividing only to find out they would have to invest double what the land cost them just to have proper septic systems installed. Many vacant or abandoned sites are so for a reason, and that nice flowing creek could quickly exclude a lot of land from being usable, depending on how it flows through the property, due to mandatory setbacks and stream buffers.

Check with the Cherokee County Land Records department and get some detailed info on the property/taxes/etc. Check FEMA flood maps to be sure there are no gotchas that can make insurance incredibly expensive. Check for a well and see if it's been tested/passed. There is likely one there but it may be no good according to the health dept. Might as well plan on adding both well and septic to the initial costs, since you won't be allowed to build/live on it until they are in place.

Also, when/if you drive out and look the property over, walk all the property lines, look for potential problems like encroaching buildings/fences from neighboring property. It should have been surveyed recently enough to have all the lines clearly marked. If there are any encroachments, they are easier to deal with before the sale rather than after. Encroaching fences are actually pretty common. Visit or call the last surveyor (name and license # will be on the map you get from Land Records) and just ask them if they see any potential problems with the property. Things like power line/gas/utility easements and Right-of-Way can come into play when least expected.

Not trying to discourage, just be sure to go into it looking for trouble, because there is almost always something there to mess you up. A good experienced Realtor can be worth a lot of money here.