Choosing a Plot of Land for Construction- Noam Segal - Entrepreneur of the Week - Post 3 #EntrepreneuroftheWeek #RealEstate #Flips #BuyAndHold #BRRRR #Mortgage #Investors #RiskManagement #NewConstruction Hi, everyone, After yesterday we chose the right district the next thing buying a plot 😁. There are all sorts of reasons why people buy land, some are building…
2019 MARKET OVERVIEW
Median Home Income:
Median House Price:
Median monthly rent:
Cleveland Real Estate Market Overview
Cleveland, Ohio is located on the southern shore of Lake Erie, about 60 miles west of the Pennsylvania border. Downtown Cleveland has experienced a renaissance over the past five years, with an estimated $ 19 billion in development completed or planned since 2010. Occupancy rates are at an astonishing 98% and home sales are up 12% year after year.
A Few More Reasons To Love Cleveland:
- Fastest growing healthcare economy in US (and home to world renowned Cleveland Clinic)
- Nation's first Global Center for Health and Innovation as well as a new medical convention center
- 10 Fortune 500 company headquarters, including: Goodyear Tire, Cliffs, Natural Resources, FirstEnergy, Sherwin Williams, Eaton Corporation, Travel Centers of America, Aleris, Parker Hannifin, Progressive Insurance, and KeyCorp
- Has the 2nd largest live theater district in the US, second only to New York City
- Home to three major sports teams that bring billions of dollars to the area every year
- It's easy to buy B neighborhood properties for as low as $ 70,000 and turn that into $ 800 a month; Properties remain well below mid-2000 prices in most areas
Why invest here?
Cleveland Market Trends & Statistics 2018-2019
In this section, you'll learn about the top factors that make Cleveland one of the strongest real estate markets of 2019, including: job growth, population growth, and equity growth potential. Explore Cleveland's housing market, population, and employment trends in the tabs to learn more.
- “# 1 City to Buy Home for Best Rental Return” - CNBC
- “# 4 City Where Your Paycheck Will Go the Furthest” - Forbes
- “# 10 Best City for First Time Home Buyers” - Business Insider
- Cleveland Real Estate Market Trends Movoto
- “Ohio Best State for Start-Up” - Forbes
- “Relocating to Cleveland Guide” - The Schuman Team
- “# 84 Best Place to Live” - US News
Choosing a Plot of Land for Construction- Noam Segal - Entrepreneur of the Week - Post 3
#EntrepreneuroftheWeek #RealEstate #Flips #BuyAndHold #BRRRR #Mortgage #Investors #RiskManagement #NewConstruction
After yesterday we chose the right district the next thing buying a plot 😁.
There are all sorts of reasons why people buy land, some are building on a future increase in value and some want to build a house for sale or rent.
In any case, you must do your due diligence because you can get stuck with muddy ground that is not suitable for construction or just not intended for the purpose you wanted and then go change designation (possible, but you do not want to be there if the time component is not taken into account…).
So today I decided to treat you to a checklist of things to check before buying a plot (feel free to add more of your own):
What's the zoning of the pitch? What is actually allowed to be built there?
Has the field been developed?
Are all the infrastructures in the lot?
Has the field been parcelled?
Does the pitch have an address?
What is the PARCEL ID of the lot?
What is the pitch number?
Is there a SURVEY of the pitch?
Removing a map of the neighborhood from the district and finding the lot on the map.
What is the topography of the pitch? Ascent, Descent, Plain Should Retaining Walls Be Built?
Is the plot in the FLOOD ZONE?
Is it a stream or a water channel?
Do they have IMPACT FEE?
What is the COMPS of lands in the area?
Check what kind of houses are being built in the neighborhood.
What are the prices of homes in their sale?
Is there a HOA in the neighborhood?
What is the PROPERTY TAX price of the plot in recent years and has it been paid?
What is the type of sewer in the SEPTIC or PUBLIC SEWER neighborhood? If it's SEPTIC need to perform a perc test!
If there is a sewage infrastructure in the neighborhood, check SEWER CAPACITY!
Talk to the neighbors.
Look with your eyes on the pitch and do not forget to look up too 😳
Consult a realtor from the area who sells new construction.
Understand the finishes required in the neighborhood.
Take quotes from contractors.
Check that the numbers make sense or how to build a business plan since it will make sense 😁 😁
Of course if the pitches have not been developed then it is a completely different game and then the requirements are more complex and need the help of experts. I only recommend people who have done it in the county in question. A building permit will not be issued until the development of the plot is completed and the time component must also be taken into account here.
In the video - one of our projects in Atlanta during the field test phase.
Hope I helped, good luck to everyone
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Known primarily for its annual balloon fiesta and as part of AMC's performance show "Breaking Bad," Albuquerque, New Mexico, is a metropolitan area rich in culture and naturally beautiful. Albuquerque is also one of the major cities in the southwest of the city, with a diverse population and some of the leading high-tech research enterprises in the country, including National Sandia Laboratories, Intel and the University of New Mexico. At the same time, its cultural traditions continue to be an integral part of daily life in the city. With one foot in the past, one foot in the present and two eyes for the future, Albuquerque is a fascinating place to visit and an even better place to call home. (Source: (https://www.visitalbuquerque.org/about-abq/history/)
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Lior Lustig Chief Executive - The Realestate Investor Forum
Lior Lustig has been an experienced real estate investor active in the field in Israel and the US since 2007. Lior has extensive experience in the acquisition and management of single and multifamily properties.
Lior currently runs The Real Estate Investor Forum, which owns a real estate brand and interest, the Facebook group and the “Real Estate Forum USA” site. Lior is versatile in a wide variety of investment markets in the United States and provides solutions to investors through the company.