All Forum Posts by: Michael Randle

So...basically what you are saying is that some Lord owns the land in which you live and till. As such you are charged for using the land, regardless of the improvements you make to it. If I get ground rent can I demand to be called at least a Duke? Landed Knight perhaps? /endsarcasim. 

This is just an odd concept to someone from the West Coast as generally land is included with the structures on top of it (certain exceptions for mining rights etc)

I think what you might be looking for is here.

http://www.baltimoresustainability.org/projects/gr...

has maps at the bottom and 4 specific neighborhoods with more detail halfway down the page.

Call me crazy. But what is ground rent?

From my very limited experience it seems the 1% rule is possible...given time. Right now with the economy, credit, prices etc. People are not going to pay 1% in desirable and economically stable areas because for that 1% they can buy almost 2x the house vs renting. In fact, in almost ever place in the country that has an influx of people moving too it, economic growth and all around desirable place to live people are buy, hence driving up the prices and making the 1% rule even harder. Sure you could invest in Lubbock TX, with flat (compared to inflation or national average) economic growth with a huge transient population of about 1/5 - 1/4 being college students and succeed in getting around 1%. But personally due to my investment goals I say F that noise. But that is for my personal reasons. That might be something you have the time, effort, energy, and money to do. Now at the beginning I said with time everyone can get to 1%. And in Denver and the Springs that is the case. If rents keep going like they are. And we continue to see the growth that we do. The property I bought in 2015 will be at the 1% rule in a few years. And I am ok with that, again due to my financial goals and personal plan. Personally as a "rule" the 1% rule (and sometimes quoted 2%) is not really realistic, much like the idea of a single income household stopped being realistic for the most part in the 70-80s. It is a hold over from the 2008 bust where you could by a nice huge home for pocket lent and then not even need to rent it out for much to make money. And of course most people didn't have the credit or jobs to get financing to buy a home. But that is my 2c.

Here is my limited knowledge on the subject from Denver area that you might be able to apply do in the Springs. Email the county zoning board and ask them. I did that up here and got an email with step by step instructions on what to do and a point of contact that specialized in the exact zoning you are looking for. That said I was told I would need to own the property, have an engineer report with soil samples, structural plans and at least two hearings to re-zone and build. I was quoted 8-16 months before I could begin to break ground. As for the cost I am 100% in the dark since I was unable to find a GC with experience building a duplex or anything that wasn't already under contract doing other work. I would also be interested in know what people have been priced for price per square foot or price per unit.

Thank you everyone for the responses. I didn't want to get too much into the weeds on final price, zoning, how much out of pocket etc. I was just looking at using free and clear land for % of the down payment to build commercial. Sounds like that it is something I can do. Thank you everyone.

Mike Wood thank you for the input. That is the general feeling I am getting from the other forum post also. Thank you for the input.

I hope to keep this an easy question. Sorry for posting this in two places but I am not 100% sure this is the right place.

If I have a free and clear land that I want to build a 5+ building on, will a bank accept the title to the land, or can I use land as collateral to secure a loan and build on it? I know there are probably some fine tune details to get it cleared but fundamentally would someone be able to use collateral for new Multi-family construction?

Thanks!

I hope to keep this an easy question. Sorry for posting this in two places but I am not 100% sure this is the right place.

If I have a free and clear land that I want to build a 5+ building on, will a bank accept the title to the land, or can I use land as collateral to secure a loan and build on it? I know there are probably some fine tune details to get it cleared but fundamentally would someone be able to use collateral for new Multi-family construction?

Thanks!

@Bill S. I will have to start looking into Driving for Dollars and DM here.

@Derek Scruggs I am not looking into the Fix and Flip type properties, I am more wanting to do buy and hold, BRRR or House hack. So I am comfortable doing some work in order to get a 'deal'.