All Forum Posts by: Clayton Mitchell

The land is in the flood plain.  After talking to my insurance agent about the price of flood insurance in that area, their is no way I could ever get the kind of rent It would need to offset the price of coverage.

Thank you guys! that area was flooded pretty bad last year so I definitively need to see if it is in the flood zone.  My intentions were to build a duplex on one of the lots and become an owner-occupant and save the other lots to sale in case I needed some quick cash.  My lender will want an appraisal for all three, so I do not think it would take too long if I were to need to sale the two other lots for fast cash.  I have not made any final decisions and am still looking at other land. 

I am considering buying 3 lots together total of .86 acres in small residential town area. The asking price is 13,000. little to no crime area.  My concern is I asked realtor if properties were already set up for electric and plumbing.  She told me she is pretty sure they are;  Yea, I want yes and no answers.  What other questions do I need to ask before I make an offer?

Thank you I Scott!

Quick question. As a hopeful for the real estate market in the near future, is it a good idea to put your net cash flow toward principal on the mortgage?

I am attending an auction this Saturday for three housing units. 10 percent of accepted offer is due to claim winning bid. The remainder of the offer is due when a deed is given on the property.  Does anyone know the timeline before a deed can be issued?