All Forum Posts by: Linda Hastings

You might try asking in the Dallas sub forum:

https://www.biggerpockets.com/forums/758-dallas-re...

These threads may also be helpful:

https://www.biggerpockets.com/forums/70/topics/502...

https://www.biggerpockets.com/forums/70/topics/497...

https://www.biggerpockets.com/forums/70/topics/491...

https://www.biggerpockets.com/forums/70/topics/597...

@Andrew Frishman Check out the following for some educational resources on notes:

https://www.biggerpockets.com/forums/70/topics/411...

https://www.biggerpockets.com/forums/70/topics/432...

There are several books mentioned in the first thread. Personally, I think the best one I have read is Paper Profits by @Joshua Andrews.

A few things that come to mind are:

1. Access to the property - Can you easily access the property? 

2. Zoning - make sure it's zoned for what you want to build

3. HOA/POA - If there is an HOA, be aware of what the dues are and what their requirements are for what you build (ex. square footage requirements, construction materials, etc)

4. Setback requirements - depending on the size of the lot, setback requirements may dictate where you have to build (or if you can build at all if the lot is small)

5. Flood zone - this also affects where you can build or if the house would need to be elevated, etc. Also impacts whether you need to have flood insurance, which can be pricey

6. Access to utilities - depending on where the land is, there may or may not be public utilities to tie into. Digging a well can be a big cost. If there is no public sewer, you'll be looking at a septic system, in which case you need to know if the property can handle one (i.e. Is there an appropriate place for the septic field, which can impact if and where you can build)

If you are using an escrow agent, they would be local to the seller and the one who handles exchanging a cashier's check (or wire transfer) for a signed deed. If you aren't using an escrow agent, I would think you would get a mobile notary who would go to the seller's house since the deed will need to be notarized. You hire the mobile notary and send them all the docs the seller needs to sign as well as giving them the cashier's check. Once the notary witnesses the seller signing everything, they give the seller the cashier's check and send the signed docs back to you and then you send the deed in to the county for recording. Or you might even be able to get them to take the deed to be recorded for you since they are local. 

Full disclosure, I haven't bought vacant land from a distance so perhaps there's something I've missed, but I have been through several closings on houses with mobile notaries before. 

I think @Chris Seveney invests in Maryland notes. Maybe he can help. 

I appreciate the guest hosts on the podcast recently, but had been wondering where @Joshua Dorkin has been (it's just not quite the same without him). It was great to have him back on episode 264. 

So sorry to hear about your family situation, Josh. Kudos to you for putting family first though. Best wishes to you and your family!

I'm pretty sure that if it's a traditional SDIRA,  the gains would still be taxed when you pull them out, even if you are over the age limit. With a Roth SDIRA, the gains would not be taxed on a disbursement after retirement age. 

In either case, if you pull out money before retirement age, you have to pay a penalty. 10%, I believe. 

Bigger Pockets podcast 28 with @Dave Van Horn

But the kicker that got my better half on board was BP podcast 211 with @Bob Malecki.

So, thanks BP!

If you haven't already done so, check out the following threads for more educational resources on notes (including book recommendations):

https://www.biggerpockets.com/forums/70/topics/411...

https://www.biggerpockets.com/forums/70/topics/432...