All Forum Posts by: Bob S.

 Yeah, the stats seem to be going up on the age of people buying these days even through the US. The higher-priced states and areas are the ones that are pricing the people out and putting them in the placement for holding until they have the money to do the purchase.. Or house hacking, or getting a partner to join in the purchase (or family).

The other thing is that you need to realize the more the years go on with technology and data the longer the average human lives too. This is something to consider (not just focusing on CA). 

For instance, 1980 the average person lived to 74 y/o and now it's 79 y/o. and in 5-10 years (not 40 like this topic) it will be 10 or more years added to that number. 

 have you called the company that did the report and asked what are concerns that someone may have? 

Yes, if you have zero desire to build or live there and can’t find a builder to partner with. I’d rather break even or even lose a little today than have that lender ask for a big pile of money in 15-16 months when the balloon comes due. (Plus the interest and heartache you’ll save.)

You could wait a few months until snow starts to melt, school’s about to let out and builders are getting ready to start going wild. But don’t wait until they’ve already found other deals and made other plans. 

I started with turnkey rentals when net worth was under 750K.

Then move to larger deals from there.

Yes, you need to be trained, but that's part of the fun. It gives direction to have a plan. Plus it builds a portfolio rather quickly.

Partner with a builder and split the final sales price based on value difference before and after the building

Lower the price enough to not lose the property when the balloon comes due?

Sell your current home and build on the land?

Build a new primary with the preferred financing and turn your old property in to a rental?

Put it on an auction site starting at your loan balance?

Option 1&2 are obviously easiest/quickest. Everything else is an attempt to lose less money. 

 Something seems off then and maybe what is in that report you may think is not a big deal but everyone else does. What was in the report that had people shying away?