Shared Well
I am looking at a 4 unit building. Seller is selling 2 4 unit buildings next to eachother. I am interested in one but not the other. He would like to sell them together probably because they have a shared well. How could I buy 1 of them with the shared well? Would some sort of agreement have to be drafted giving the well to one of the buildings or something like that?
An easement could be written, giving access to the water to the building which is not on the same parcel as the well. But 8 units on one well is problematic- once you have more than a certain number of people using a water source, I think it is 12, it becomes regulated as a public water system with all kinds of health regulations (treatment, testing, etc.) that have to be met. Much cheaper to drill another well.
Chris
I have always heard of single-family wells running low or dry.
Thanks
I will have to ask the village about the 12 person limit. I was kind of concerned about the well not handling the units but all has been fine for 10 years.
This is a Federal, Clean Water Act issue rather than a local one...
Chris
Hi,
Is the home currently a two bed, one bath or a 3/2? Square feet? Compare the comps of before and after to compare as if the extra bed and bath and extra footage already existed. Numbers of 50-100 seem incredibly high for an addition that size. 90 per sq ft would be a fair average for construction costs of a new home but that is for everything as though you were starting with raw land. There should be building cost estimates web sites that include labor and materials if you do a google search and you should be able to take into account your area of the country as well. For $100,000 you could build a spec home (I would, but I live in a good area for development, maybe your area is different) and take the profit to build your addition. Just my .02. Good luck.[ Edited by Mr-Smith on Date 04/03/2007 ]
Birddogging for an investor is a great way to get started. This is how I started in real estate investing.
thanks for all the input. I think I heard that bird dogging in New Jersey is illegal, would anyone be able to verify this? Thanks a lot
87,
Glad to meet you.
The local Real Estate Boards impose regulation relevant to the distribution or aid in distribution of a homestead with the intent to protect the consumer (and in some rare cases monopolize the marketplace).
Whether or not this legislation is put into place in a criminal or a civil context, it does appear fairly evident that the enforcement of this legislation would be limited to that of:
a) When a consumer is being blind-sided (ie: you are acting on his or her behalf without proper licensing and steering him/her wrong)
b) You are continuously taking a "fee" for selling real estate.
If you are working with an investor, and you are paid by the investor, who has experience in real estate transactions, and you are not party to that transaction (ie: a consultant) you should, (this is not to be construed as legal advice) be ok, for the following reasons:
1) You are taking a fee for selling information, not real estate (nobody can prevent you from charging $5.00 to tell him or her were the nearest gas station is, or where the nearest "deal" is)
2) Even if legislation was in place to protect the consumer, you have conducted no harm to the consumer....so in a semi-perfect world, you can indeed pay for a lead on a house!
I think it is important to know, most investors are opposed to the local Real Estate Boards attempting to corner the market on Buying/Selling properties,
I am certainly of the opinion that the local Boards would like to see no investors/creative RE at all so that they can continue to take a small chunk out of every property sold and have the properties sold according to their "rules & regulations".
There is also such a thing as a simple Partnership Agreement, thereby making you and the investor principals in the transaction. The Bird Dog is bought out of the Partnership by the investor, thereby violating no State Statute.
John $Cash$ Locke
[addsig]
cjhow4,
Glad to meet you.
What did you think of the movie I watched on Television last night and what did you think of the ending?
I am fully aware you cannot accurately answer my question, nor can anyone answer yours without more information. So start again with details and you will receive some very great advice to guide you.
Did you meet with her face to face or was this a phone conversation?
Research and you will find what she owes, what her interest rate is, what percentage of rentals vs home owners in the area is, etc. In other words the information needed to make a viable decision.
One last thing since her husband left her, can he be found to sign off on the deed or is he gone, gone?
John $Cash$ Locke
[addsig]
I like that movie question. It made the point well.
Thanks for your replies. I talked to her on the phone,in response to a mailing I did. English is not her first language so communication was a bit challenging. I will try to set up an appt to meet w/ her & get more details. The husband issue may be a problem.