All Forum Posts by: Guy Gimenez

Cost was $10K and $6K respectively. One took 3 days and the other took 2 days. Cost will be location dependent.

Believe none of what you hear and only half of what you see. This debate over the climate cooling, then heating up, then just plain climate change has been a 40 year political agenda. Use hard numbers on which to base your investing. Anything else is just minutia.  

Don't step over a dollar to save a dime. I just spoke to a guy who didn't get a survey on a project and later found out he built a $38K driveway on a neighboring parcel of land. Title company won't require a survey unless you want boundary coverage. You don't know exactly what you're buying without a survey. 

Your honesty is admirable. Acquiring property without any idea of the cost for infrastructure, consumer demand, zoning, proforma, etc. is a recipe for disaster. With no disrespect, what you have is a dream, not a plan. Hire a coach / mentor who has done this type of project more than once and can provide detailed insight on the steps, pitfalls, dangers, etc. or research / study for at least 3 hours per day for the next 90 days and read books on the subject. It may just save you a huge loss that would defeat your original purpose of bringing your wife home.  

As a practice, it is perfectly ethical. In reality, many involved in the practice are unethical. But this is in any and every industry. I've seen assignors needlessly take homeowners into foreclosure merely because the assignors didn't want to let the homeowner out of the contract so an investor could purchase the home. Only you can decide on which side of the line you choose to walk.

@Ray Malave

It appears the NC real estate contract has a built-in due diligence period under paragraph 10 (Property Condition) that allows for termination after inspections if you and seller cannot reach an agreement over repairs. 

Each state contract form is different. Earnest money is typically deposited with the title company to indicate you're serious about purchasing the property while your due diligence funds (called Termination Option Fee in my State) may allow you time to get inspections, etc. on the property and either renegotiate the terms or terminate the contract if you don't like what the inspectors found. Due diligence and earnest money are not synonymous and have two completely different functions in a contract. 

You need to get a detailed survey to confirm, assuming of course you didn't get a survey when you purchased your home. Using the tax appraisal site's depiction of the property line won't provide proof...they're typically not even close. Your agent should have known this. If the neighboring property is in fact encroaching onto your lot, you can demand they have it removed, or in lieu of same, sell you the house. Either way, you want to address this sooner rather than later. 

If you're looking online for your investment property, you're fishing in the wrong lake. Cash flowing properties can still be found by buying direct from a motivated seller. 

You would have a much better chance of locating an experienced builder to work with on the construction of your home, then watch the process daily and ask questions.