All Forum Posts by: De Rasche

Depending on intended use, you may find an investor to fund the cause.

Buy with buyer's current home equity loan monies and and sell off pieces of purchase to fund the part you really want to keep (if road frontage allows parcels).

Good way to mess up Thanksgiving and Christmas in the coming years.

Sounds like a good idea, but please please please do it right.

1. Ask a local attorney in this specialty.  

2. Ask a local attorney familiar with local state laws, contracts, zoning currently not right for duplex, etc.

3. Ask a local attorney.

You do understand that if you build on his land, there is a shared liability risk.

A building contractor puts a lien on your building, then it is a mechanics lien on land too.  Injury liabilities, etc. etc.

Land banking is fun.

Several posts on here you can use search tool on site for great info. on:

Road frontage, 

zoning friendly county/city, 

land in path of new jobs, new schools, rail intermodal yards, suburb growth, highways/intersections

Finding someone ahead of you in the learning curve who can explain why it worked in your area will be worth the lunch you pay for to pick their brain.  Have specific questions ready or to them before the time or it becomes pure social.

Enjoy the Journey

A Real Estate degree may be helpful.  Will say the book knowledge has very little to do with what I do daily.  Find a mentor or work with a group that does what you want to one day may provide more applicable knowledge while you are in school.  So many good sites to learn from also like this one.

Maybe total price is an obstacle.

Can you split into two parcels to have a lower entry point?

Loopnet and landsofamerica are two I search

Lots of unknowns here.

I almost partnered with a wealthy nice fella until I asked how many lawyers worked for him?  He said over 1000 on retainer as he was all over the southeast.  Ended deal on my side.  Consider you had a great investment and roll to another now that you have learned from the deal.

Few things to get you started as not my niche.

Check the address with zoning.  Can you put a single family or multi family or what?

If multi family that will take some money and check vacancy rates in your apartments and other local apartments to see if a need and at what price.

Attend a gathering of investors and learn from a kind soul willing to help you locally as every 5-10 blocks things change.

Find an agent from a referral of someone doing what you are focusing on.  I invest in the niche my investors do as a realtor.  It is not mandatory, but helps a bit to see the property as an investment verses just make a sale.

These are a few things to hopefully get you in the right direction.

Sell and self finance is safest option.

Like the "right" partner idea

Vet a partner well and writen out "what if" happens and course of action for each unforseen circumstance.

Dave Ramsey says, "only ship that will not sail is a partnership".  

It is my understanding you pay back depreciation whether you took it or not, best check with a tax pro.  If true then may want to redo year you did not claim any depreciation.