- jayhinrichs wrote:Pat, the land under very low priced houses in the US has negative value.. Its worth nothing and you can be charged with demolishing the house and hauling it to the dump. So take that thought right out of your head.
Seriously ? now i realise that laws may differ from state to state. however i'd like to clarify this further for my understanding and education
Do you mean that
1) hauling it to the dump en masse is illegal ? so re-selling useable components to builders / scrap yards is still ok
2) Demolishing a house is illegal ?
3) leaving the lot vacant is illegal ?Pat,
No you can demo a house, If it has asbesto’s in it like most old houses have your going to spend thousands on asbesto’s abatement.
theives will steal most of anything of value before you can part a house out thats just a fact.
You can certainly leave a lot vacant , my point is it has no value…
No one is going to pay any money for vacant lots in the these areas…. Habitat for Humanity or some church group that is no profit may pay a token for a lot if they are going to build a new home for their program…
What we try to do if faced with one that has to come down is to get the fire department to burn it down for practice.. thats free.
In Detroit the night either before or after Halloween can’t remember now what they call it something like devils night. The local Youth will set 300 to 500 vacant homes ablaze that one night alone.
JLH
jayhinrichs wrote:What we try to do if faced with one that has to come down is to get the fire department to burn it down for practice.. thats free. In Detroit the night either before or after Halloween can't remember now what they call it something like devils night. The local Youth will set 300 to 500 vacant homes ablaze that one night alone. JLHWow… just wow.. * note to self avoid Detroit or at least have vacant property made to look "lived in"
Awesome tip re-fire department, would never happen in Oz due to our incredibly flamable native species of plants.. bushfire would be a real risk in some areas.
This article agrees with what you are saying about the market:
Cheers
David
"The bidding wars seen in such places as Seattle aren’t found everywhere. In metropolitan areas including Atlanta and California’s Riverside and San Bernardino counties, housing remains weak as high unemployment and falling prices deter first-time and move-up homebuyers"
Can not agree with this, in particular Atlanta, currently we are seeing 18 + cash offers on one property and well above asking price. If that is not going to drive the market north I don't know what will.
Getting back to the topic "Building Lots", has anyone mentioned the tax implications while holding??
May be a good play for those who can jump in and hold and understand what they are buying, but educating yourself on what is worth buying would be another hurdle for the Aussie investor.
I like buying houses at 30% of build costs, its a win/win, cashflow and eventually with new builds will see the growth.
WI
Jbelmore – I posted that link and no-one bothered reading it:(
‘worth a read’ – clearly it wasn’t:(
I will go back to weaving baskets and singing kumbahyah…
Oops sorry lawsjs I also got it from another source.
lawsjs wrote:Jbelmore – I posted that link and no-one bothered reading it:( 'worth a read' – clearly it wasn't:( I will go back to weaving baskets and singing kumbahyah…Yes, I read it lawsjs it was interesting, just decided to post once it came up again. Wonder how many times the Warren B article gets posted.
worldinvestor wrote:"The bidding wars seen in such places as Seattle aren’t found everywhere. In metropolitan areas including Atlanta and California’s Riverside and San Bernardino counties, housing remains weak as high unemployment and falling prices deter first-time and move-up homebuyers"
Can not agree with this, in particular Atlanta, currently we are seeing 18 + cash offers on one property and well above asking price. If that is not going to drive the market north I don't know what will.
Getting back to the topic "Building Lots", has anyone mentioned the tax implications while holding??
May be a good play for those who can jump in and hold and understand what they are buying, but educating yourself on what is worth buying would be another hurdle for the Aussie investor.
I like buying houses at 30% of build costs, its a win/win, cashflow and eventually with new builds will see the growth.
WI
AND I LIKE BUYING LOTS AT 15 TO 20% OF BUILD COST AND THE LAND WAS FREE… I THINK THEY ARE ALL GOOD INVESTMENTS OVER TIME.
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