I will be doing a series of articles on purchasing various forms of real estate that are fixer uppers in our terminology. So stay tuned I think it will prove to be an interesting series since we are dealing with so many of these properties these days. I hope you enjoy the tips and information and let me know what you think! Thanks Peter - Your Real Estate Investment Coach www.coachingbypeter.com
Buying Fixer-Up Lots
If you are considering buying a lot to build a home on, you would be best served by hiring the services of a professional real estate mentor or coach to assist you. This is due to the enormous costs involved in not only buying a lot, in preparing it to be built on by going through the county, but also in preparation of knowing how much building supplies and permits will cost. Most individuals do not realize how much is involved in building on a lot, but the rewards are well worth it, especially when you are able to share what you have built with those you love.
Lots have far-reaching potential to them as anything can be placed on them from homes to a place to rest an RV, or even a commercial building or vacation cabin. Although they take some time to prepare to get ready, and there are a number of permits you will need to have in order to begin building, you will be able to see your lot build up over time. Fixer-up lots may require maintenance including draining a piece of land or trimming trees, but as this is done the lot and the value of the lot will increase with every step you take.
Your mentor and coach is an educated person in real estate who can help you find the right lot which will be perfect for development. Although he or she might not always go with you to the location, he or she will be able to teach you what you need to know to make a good decision. In many ways, the term mentor describes exactly what it is that he or she can do for you, as he or she will be mentoring you in how to understand real estate and what it can do for you. For you and your family, this can save you from confusion, wasting money, and possible heartache.
Fixer-up lots may seem an ill advised investment at first, but when you see it completed, you will thank your real estate mentor/coach many times for assisting you in making this great purchase. It is always when you see the fruits of your labor that you can look back and be glad you made the decision you did, especially when you had assistance who understood the situation and what you need. Your coach/mentor is your guide, not only into real estate, but also into finding an incredible lot.
As you work on your deal to obtain your property, you may have doubts at times. However, your real estate coach can help quell your concerns and answer to any questions you might have for him or her. Part of the benefit of using a coach/mentor, is that if at any time you need assistance in understanding or planning something for your future piece of real estate, you will be able to have those answers given to you right away when you need them most.
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