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EasyMoney_in_NC · Sep 15th, 2007, 05:45 PM

No problem, at least they're good questions

I bought lots. I bought the "crap" that no one else wanted. I went into 10-20 year old communities (nice, but "older") and bought the one-sie two-sie lots and put up the same sized house as was in the 'hood, but the up dated version. The last stuff I bought, I did develop out of 2 lots (I got a duplex and an SFR on them). See the guys in my area chased the big money, and a lot in an old 'hood didn't pay.......for them. But for me they're worth a couple hundred a month cash-flow and 20-30K each in equity refi (tax free by the way). My saying was even sh*t turns to gold at some point, and for me it turned out to be true. I bought lots in a little 30 home 'hood, one time, at foreclosure. It was me, the attorney (who happened to be my regular closing attorney) and the HOA rep. Guess who bought them? In 30 homes the 'hood had been thru 3 builders/developers. It had a style ahead of its time for the area and each went belly up. I was going to put rentals on them so I didn't care. I started building and all of a sudden, my uncle (who I rarely saw in 30+ years) decided he'd take one. I talked my cousin (his son, btw both live outside the area in DC)into one and I sold the last to one of my tenants daughter. I made a fortune out there because I paid nothing for the lots and they needed nothing.

Now days, lots are at a premium and up until the market died, guys from out of the area were coming in and buying anything they could find. I bought on POS lot for 40k (long twisted story as to why....for another time) and 3 months later, flipped it for 75K and took the money (all cash 1031) and bought my second commercial piece 2 doors down from my 1 piece (just need the middle and I'll have half a block with a 15K traffic count road-front).

I may not have it all worked out on the asset protection side yet, but when it comes to turning crap to gold........thats what I do

Sep 15th, 2007, 05:45 PM	#11 (permalink)
EasyMoney_in_NC Level: (7) Lexus Joined: Sep 2007 Locale: Wilmington NC Age: 38 Posts: 344 Thanks: 6 Thanked 17 Times in 12 Posts	Re: Construction Loans on Rentals Units No problem, at least they're good questions I bought lots. I bought the "crap" that no one else wanted. I went into 10-20 year old communities (nice, but "older") and bought the one-sie two-sie lots and put up the same sized house as was in the 'hood, but the up dated version. The last stuff I bought, I did develop out of 2 lots (I got a duplex and an SFR on them). See the guys in my area chased the big money, and a lot in an old 'hood didn't pay.......for them. But for me they're worth a couple hundred a month cash-flow and 20-30K each in equity refi (tax free by the way). My saying was even sh*t turns to gold at some point, and for me it turned out to be true. I bought lots in a little 30 home 'hood, one time, at foreclosure. It was me, the attorney (who happened to be my regular closing attorney) and the HOA rep. Guess who bought them? In 30 homes the 'hood had been thru 3 builders/developers. It had a style ahead of its time for the area and each went belly up. I was going to put rentals on them so I didn't care. I started building and all of a sudden, my uncle (who I rarely saw in 30+ years) decided he'd take one. I talked my cousin (his son, btw both live outside the area in DC)into one and I sold the last to one of my tenants daughter. I made a fortune out there because I paid nothing for the lots and they needed nothing. Now days, lots are at a premium and up until the market died, guys from out of the area were coming in and buying anything they could find. I bought on POS lot for 40k (long twisted story as to why....for another time) and 3 months later, flipped it for 75K and took the money (all cash 1031) and bought my second commercial piece 2 doors down from my 1 piece (just need the middle and I'll have half a block with a 15K traffic count road-front). I may not have it all worked out on the asset protection side yet, but when it comes to turning crap to gold........thats what I do __________________ "You can't be king of the world, if you're slave to the grind" - S. Bach dachperformancesystems.mysite.com - performance "art" exhaust for your Porsche