(HUGE IMPACT) Buying Land and Building a House

There are many factors and decisions to be made when it comes to buying land. In this episode, Wayne takes you through the process of what to do and what NEVER to do when it comes to buying land.

In this episode, Wayne shares with us the factors to actually getting the money for the land and the process of building a house.

For nearly 30 years Wayne Turner has bought, flipped built, and brokered the sale of thousands of properties. He shares his true life experiences that will save you time, and money and prevent stress when it comes to real estate.

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*DISCLAIMER* The contents of this video are for strictly educational and entertainment purposes. This video is not intended to provide financial, accounting, tax, or legal advice. For financial or legal advice consult with a financial advisor or lawyer.

[DA-zhgi]

One tip I would emphasize for buyers is stay away from water unless you are financially able to deal with the potential challenges, and based on the experiences I have had with flood insurance, completely stay away from any and all properties that are in ANY flood zone. Just my opinion... Flood insurance is expensive and not always available, and if you cannot obtain it, the mtg company will inject their own policy providers at a significant premium... IMO, stay far away from any property in any flood zone... I know this is a very conservative piece of advice, but for new buyers, it is best advice.

[chronic]

Be careful as a seller as well. I had to sell a property that was part of my mother's estate and had been in my family for 80 years, with many memories attached. None of us had lived in the area for decades but mom had kept the place. I contacted a couple of local agents and they, to my surprise, gave me a really low value on the property. It was in a prime location in a Midwest retirement area. 33 acres with a house on a paved road high overlooking the lake, just a few miles from town and a golf course. I was like, no way I am selling it for those prices. I finally got an agent who was surprised by the previous agents lowballing and listed it for over twice what the first two agents had said it was worth. It was sold in a week by a man paying cash for just slightly under the asking price. 😊 One of the two agents who tried to lowball me told me he had contacted my mother years earlier to buy it himself. Ha! The other agent was buddies with a neighbor who was interested in purchasing the property. 😅 I sure felt like someone was trying to pull something on me.

[s_clark]

Talking to neighbors is always a good idea. We found what appeared to be our "dream" property. Walking the fence line, I was noticing some evidence of flooding, but not very high (a foot or so). Given the buildings and yard areas were levelated, that would be acceptable. However, a neighbor stopped and told our agent the house had 8 feet of water in it just a year earlier. Given it was a bank repo and no disclorusres required ("as is, whree is"), we would have never known.

[haroldlopez]

Not all the time neighbors will tell you the truth. They can lie to keep you out of buying the property so they can have more time to buy it.

[dougrobinson]

Paid cash for the property and bought the water tap and sewer tap. Also electric. At 69 yrs. old we are getting a double wide.

[iamthemoss]

We just built our 5th house (retirement house) on 25 acres. Most banks require 20% down for land. Some suggestions for younger people, build a tiny house or barndominium and live there to save money until you can afford a house.

[orangekayak]

These are all great tips, but as someone who use to build and renovate houses, raw land is not for the inexperienced. I did HVAC for decades and every person I met with the dream of building a house on acreage from scratch with no background in building suffered hard. Dreams are great. Reality, something very different. Let the buyer beware!

[benalfredo]

I’m considering whether to retain $3 million in single-family rentals, we have $900, 000 left on mortgages. We are now the possibility of maintaining $70, 000 annual income by selling and investing in stocks and bonds.

[therealNSB]

Hey Wayne, I’m a broker of 20 years in NC, and I always enjoy your videos. I either learn something new, or knock off the rust from something I learned long ago. Thank you!

[steinravnik]

If planning to build a residence of any kind, make sure the property passes a perc test for the number of bedrooms if going to be on septic.

[DA-zhgi]

As an older experienced buyer, I listened to your video and it is good for helping those who are not. Nice job.

[martinschulz]

I f you build in any flood area (or wet area) I highly recommend building the house high, bring in fill and landscaping around it. When the water comes in, you will be on an island..and smiling. Build the foundation up and have at least a four foot craw space. The extra money you spend is well spent.
Fences/borders have a way of moving and you (like my wife and I ) might have to spend the money on a border adjustment down the road. Get it surveyed and pound a permanent steel fence post everywhere the surveyors put a stake.
It's also not a bad idea to hire a good lawyer to look into all the legalities of building on that property. Good video.

[hueypilot]

Good job. In my experience, make sure you can get a septic system before you get too involved with a purchase.

[cynthiacahoon]

Wow, yeah, we had it happened to us. It lifted my house off the ground straight up, it was 2 stories about 8 inches. We had a river running under the house. Didn't realize we were in a flood. So luckily for us, the house settled right backward. It was it didn't crack anything, so we were okay. Needless to say we sold it and moved

[mikerichards]

Great video. Incredibly accurate and helpful. Outstanding integrity and presentation. Thank you.

[TwistedOmYoga]

The house I grew up and flooded during Sandy. There’s nothing to do with this, but I do know it is a pain in the heart to rebuild after a flood. thank you for the information. I am on the market for buying land currently and am gaining so much knowledge from you.

[SoulfulVeg]

My advice is to also look at the tax and insurance costs. I was in the process of buying a home, and hurricane Irma hit. That changed my thoughts about living on the water, and I found the only neighborhood in my city that wasn't in a flood zone. I sold that property this year and moved out of the state due to wildly escalating Florida insurance and tax costs.

[jackzagunis]

I have never heard surveys and loan payments put so simply, thanks for the information.

[rg]

In my area, The woodlands, Texas it is almost impossible to buy land since you are competing against builders and if you do buy that overinflated piece of land you can almost be sure you will be upside down in property value if you decide to have a builder build your home on your land.

[michaelgarza]

THX WAYNE... ANOTHER GREAT VIDEO... GODSPEED AND HAPPY NEW YEAR!!!