Can't decide what to do!!! Sell, Build, Build then Sell..

[RiverOtter]

Here's the deal. MrsRiverOtter and I have a dilemma! We own a waterfront lot in the hottest area of the Nooga. Our dream has always been to live on the water. Here is our dilemma.
-We could literally more than double our money in the short span of 2 years by selling and 1031ing that into other investment property.
-We could sell the lot and use the money to pay cash for a non-waterfront house and have no monthly payment.
-We could build our "dream house" and sell it (maybe make even more money to invest with).
-We could build our "dream house" and live in it (making us no cash but have tons of equity).
I know there are lots of real estate types out there and we'd love to hear your opinions. :idea:
Here are some pics of the lot:
http://www.***boat.com/image_center/data/500/1849IMG_1065-med.JPG
http://www.***boat.com/image_center/data/500/1849IMG_1066-med.JPG
http://www.***boat.com/image_center/data/500/1849IMG_1067-med.JPG
http://www.***boat.com/image_center/data/500/1849IMG_1073-med.JPG

[dicudmore]

my wallet would say sell that mofo :D
my heart however says keep it and build on it....it could be a one-time chance to own a lot like that. I know I would kick myself every day if I COULD be living on the water and I was towing to it instead...

[RiverOtter]

I know I would kick myself every day if I COULD be living on the water and I was towing to it instead...
I am feeling the same emotions :idea:
if I have to sit on the house for 2 years before selling then I will have to rethink my plans
I wouldn't have to wait 2 years to sell. I would also be using a GC to build the house not me.

[bunny 166]

Oh, Otter, I would build and enjoy every minute of it....Life is too short and you are so blessed to have it!! Enjoy with your family--it's what a lifetime of memories are made of.... :smile:

[Mr.Havasu]

I would build it, live in it two years and enjoy your dream, then sell it tax free after two years and start all over with the next project.
That's the plan we are on, sell every two years and pocket the equity tax free. Moving every two years is not all that bad, think of it as a real good spring cleaning every two years :D

[switchin'addiction]

RO that is a tough poll!! My first thought would be to build the waterfront dream home, pull some of the equity out to then invest in another property perhaps. You said you would have a "ton" of equity so use it to your benefit. :confused:

[RiverOtter]

Enjoy with your family--it's what a lifetime of memories are made of.... :smile:
We can't seem to take the emotion out of it. :squiggle:
That's the plan we are on, sell every two years and pocket the equity tax free. Moving every two years is not all that bad
Dam! Do you ever unpack your boxes?

[dicudmore]

We can't seem to take the emotion out of it. :squiggle:
Dam! Do you ever unpack your boxes?
After last year my boxes are still in the back of my truck :rolleyes: :squiggle:

[NashvilleBound]

Build on it.... Half way through list it for sale at a high price..... if it sells youve done extremely well if not you have a kick ass house.... win-win as far as I can $ee.....

[bunny 166]

Really, Otter, in the end all you have is family and good friends.... all the rest is gravy. What a beautiful spot to watch your kids grow up and play the days away..... :cool:

[RiverOtter]

Build on it.... Half way through list it for sale at a high price..... if it sells youve done extremely well if not you have a kick ass house.... win-win as far as I can $ee.....
GrassOtter is trying to learn from the master :D
Really, Otter, in the end all you have is family and good friends.... all the rest is gravy. What a beautiful spot to watch your kids grow up and play the days away.....
Hell Bunny! I directed MrsRiverOtter to the forum and told her to read this thread. You probably have her in tears and ready to build and stay there for the rest of our lives :D

[dicudmore]

Otter....need I mention what a goodwill ambassador Bunny is :D

[a catered life]

build the dam house and have one of the best parties hb members have ever been to and sell it after one year which will probabaly be worth more

[bunny 166]

GrassOtter is trying to learn from the master :D
Hell Bunny! I directed MrsRiverOtter to the forum and told her to read this thread. You probably have her in tears and ready to build and stay there for the rest of our lives :D
You and the Mrs. are so lucky to be in the position you're in!!! Thank God and then build a bitchin' house!!! :D :D Take lots of pics, of course!!

[RiverOtter]

Otter....need I mention what a goodwill ambassador Bunny is :D
:D No doubt!! :D Bunny<= Goodhearted Goodwill Ambassador => 166 :D

[RiverOtter]

build the dam house and have one of the best parties hb members have ever been to and sell it after one year which will probabaly be worth more
The Nooga wouldn't know what hit them. :D

[RiverOtter]

couple more pics
http://www.***boat.com/image_center/data/500/1849IMG_1074-med.JPG
http://www.***boat.com/image_center/data/500/1849IMG_1068-med.JPG

[NashvilleBound]

GrassOtter is trying to learn from the master :D
Hell Bunny! I directed MrsRiverOtter to the forum and told her to read this thread. You probably have her in tears and ready to build and stay there for the rest of our lives :D
LOL....I think the tide is changing tho :)

[Excessive Force]

Where is the Nooga? :messedup:

[RiverOtter]

LOL....I think the tide is changing tho :)
Tide is right! High tide and low tide at the beach. This is where she wants to live
http://www.hotboatpics.com/pics/data/500/6801P8170153-med.JPG

[RiverOtter]

Where is the Nooga? :messedup:
Chattanooga, TN SE corner of TN on the GA boarder.

[NashvilleBound]

Tide is right! High tide and low tide at the beach. This is where she wants to live
http://www.hotboatpics.com/pics/data/500/6801P8170153-med.JPG
Call me when you get the info on those lots down there...I'll send you a check the next day.....I'll fax it to you.... :D

[ECeptor]

How old are you? How close to retirement? How would selling vs keeping change your retirement age?

[NashvilleBound]

How old are you? How close to retirement? How would selling vs keeping change your retirement age?
(i think he's almost 30)...but you didnt hear it from me

[RiverOtter]

Call me when you get the info on those lots down there...I'll send you a check the next day.....I'll fax it to you.... :D
Those lots won't have that view :D
How old are you? How close to retirement? How would selling vs keeping change your retirement age?
39, Not sure,
Don't want to be working at a "job" when I'm 60,
Probablly by several years

[RiverOtter]

(i think he's almost 30)...but you didnt hear it from me
:notam:

[NashvilleBound]

Those lots won't have that view :D
39, Not sure,
Don't want to be working at a "job" when I'm 60,
Probablly by several years
I'll still give you $190k for the one in the picture...offer expires :rollside: today

[RiverOtter]

I'll still give you $190k for the one in the picture...offer expires :rollside: today
:idea: ................... no :notam:

[NashvilleBound]

:idea: ................... no :notam:
LOL...your learning:) :)

[C-2]

We are in the same position and have looked at tons of new houses that have about 90% of everything we need, but that last 10% has been the deal buster.
We decided to keep the land and build our dream home, no matter how tough the experince will be.
The reward will be worth it :)

[RiverOtter]

We are in the same position and have looked at tons of new houses that have about 90% of everything we need, but that last 10% has been the deal buster.
We decided to keep the land and build our dream home, no matter how tough the experince will be.
The reward will be worth it :)
We can't find anything on or off the water that we like.

[bunny 166]

We can't find anything on or off the water that we like.
See, things are taking you in the right direction!! ;) I'm telling you, if you sell that lot you will regret it. Unless you have to, then you gotta do whatcha gotta do...

[RiverOtter]

See, things are taking you in the right direction!! ;) I'm telling you, if you sell that lot you will regret it. Unless you have to, then you gotta do whatcha gotta do...
Nope, don't have to. No money owed :cool:

[TCHB]

It the market is hot like in Southern California (waterfront) I would build and sell if you want the cash. If you can spread the cash around to more than one propety you will have appreciation on a bigger slice of the action.

[RiverOtter]

It the market is hot like in Southern California (waterfront) I would build and sell if you want the cash. If you can spread the cash around to more than one propety you will have appreciation on a bigger slice of the action.
It's not that hot. But this is the only remaining waterfront lot that's a 5 - 8 minute drive to downtown Nooga. It's like anywhere, you drive 30 to 45 minutes away and the lot and house prices drop. I could drive my car or boat and be downtown in 5 minutes.

[ROZ]

Build on it.... Half way through list it for sale at a high price..... if it sells youve done extremely well if not you have a kick ass house.... win-win as far as I can $ee.....
Normally I would have checked the "who gives a crap" box, but I agree with Jeff on this one.... Afterall he should know. His custom house out here was definitely Kick ass!!!!

[RiverOtter]

Normally I would have checked the "who gives a crap" box, but I agree with Jeff on this one.... Afterall he should know. His custom house out here was definitely Kick ass!!!!
I haven't seen pics (ahem... Nashville...) but he did tell me you were the man in the AV dept. :cool:

[ROZ]

I haven't seen pics (ahem... Nashville...) but he did tell me you were the man in the AV dept. :cool:
Who me? :cool:

[OC-PARTYCAT]

Build on it.... Half way through list it for sale at a high price..... if it sells youve done extremely well if not you have a kick ass house.... win-win as far as I can $ee.....
good advise, I would do the same thing. For some reason I have moved 5 times in the last 5 years doing the same thing. I just went with the flow. I have a buddy that built his house (600k) and put it up for sale (1.2m) with no intention of someone coming in and buying it. Some one did come by and offered him 150k over the asking price to include all the furniture. He packed his clothes and walked away 750k richer.
If I did it all over again....I would build the house and stay in it. Pull out the equity and invest it on other properties. Im staying in my present house and milkin the equity out of it from now on. You gotta grow roots when you have kids.

[Coleitis22]

:2purples: Did you ever play monopoly as a kid? Build the nicest house your budget will allow. Use the absolute best construction material available and pay attention to detail. Plan ahead knowing that you won't be there forever, so buyers will absolutely be obsessed to have that place and will pay top dollar for it. Allow for smart access to the water and possible room for more toys, i.e., boats and motorhomes, workshop. Use your head and your dream home will lead to financial well being. :hammerhea

[RiverOtter]

If I did it all over again....I would build the house and stay in it. Pull out the equity and invest it on other properties. Im staying in my present house and milkin the equity out of it from now on. You gotta grow roots when you have kids.
Good idea.
Build the nicest house your budget will allow. Use the absolute best construction material available and pay attention to detail. Plan ahead knowing that you won't be there forever, so buyers will absolutely be obsessed to have that place and will pay top dollar for it. Allow for smart access to the water and possible room for more toys, i.e., boats and motorhomes, workshop. Use your head and your dream home will lead to financial well being
One of my friends did this 4 doors down from my lot on the river. He said rarely a week goes by that someone doesn't approach him and ask him to sell. He has resisted so far.

[canuck1]

I would borrow against that lot and build another place to flip, and another and another until I could build the place I wanted for cash.

[RiverOtter]

I would borrow against that lot and build another place to flip, and another and another until I could build the place I wanted for cash.
:idea: mmmmmmmmm I like it! I guess I never thought about this scheme cause I didn't think a bank would give me a LOC on a vacant lot?? Have you done this?? :idea:

[MrsRiverOtter]

So this is what RiverOtter does all day! :)

[NashvilleBound]

:idea: mmmmmmmmm I like it! I guess I never thought about this scheme cause I didn't think a bank would give me a LOC on a vacant lot?? Have you done this?? :idea:
Getting a HELO on a lot, or land for that matter, is much more difficult if not impossible. Otter: Whatever you decide you will do well. Your land is worth twice what you paid for it and a house, if you can handle the drama, will make it three fold. I still stand behind the offer to consult through your whole affair. free, of course.....but I require tours of the area and local cuisine.

[NashvilleBound]

So this is what RiverOtter does all day! :)
Daaammmiiittttt....were BUSTED! :jawdrop: :jawdrop: :jawdrop: :jawdrop:
I am honored to be the one to reply to your first post. Welcome to the forums. Mr Otter who????? :hammer2:

[BarryMac]

So this is what RiverOtter does all day! :)
Hi MrsRiverOtter, welcome to the fun, your man is really cool and they say behind every cool man is an awesome woman... BTW, real boats dont really have windshields :D , just thought you may wanna know... :D :D :D

[FMluvswater]

So this is what RiverOtter does all day! :)
Welcome to the forum Mrs.RiverOtter. :cool:

[MrsRiverOtter]

Daaammmiiittttt....were BUSTED! :jawdrop: :jawdrop: :jawdrop: :jawdrop:
Fun's over now :wink:

[MrsRiverOtter]

BTW, real boats dont really have windshields :D , just thought you may wanna know... :D :D :D
Yea, he told me you guys have been giving me a hard time about the windshield :rolleyes: .....but I don't ask for much, ya know.
:smile:

[MrsRiverOtter]

Welcome to the forum Mrs.RiverOtter. :cool:
Thanks FM, I've heard nothing but good things about you :cool:

[FMluvswater]

Thanks FM, I've heard nothing but good things about you :cool:
Your husband is a very kind person. :) Not to mention funny. :D I was very pleasantly surprised to see you had joined the forum because RO indicated it was unlikely to ever happen .... I happen to love it when he's wrong! :D LOL!
I hope you'll spend some time here with us all Mrs.RiverOtter. :)

[JustMVG]

Well Welcome Mrs. Otter so your the ,i can't believe i am going to type this, OTTER half that makes him so happy, well except for all of his Otter friends here. Use a Pun Go to Jail, i know...... MikeVG
The Waters here are fine post away Mrs. RO and have fun, and watch out for that Nashville guy, i have heard he's trouble!!! :p
MikeVG

[NashvilleBound]

Well Welcome Mrs. Otter so your the ,i can't believe i am going to type this, OTTER half that makes him so happy, well except for all of his Otter friends here. Use a Pun Go to Jail, i know...... MikeVG
The Waters here are fine post away Mrs. RO and have fun, and watch out for that Nashville guy, i have heard he's trouble!!! :p
MikeVG
I hear the same thing.... real flake!! :boxingguy

[MrsRiverOtter]

RO indicated it was unlikely to ever happen
Well, since he signed me up, gave me the signature & the avatar, I figured it was the least I could do :rollside:

[MrsRiverOtter]

Well Welcome Mrs. Otter so your the ,i can't believe i am going to type this, OTTER half that makes him so happy, well except for all of his Otter friends here. Use a Pun Go to Jail, i know..
:rolleyes: :D :D :D :D Otter said it would be like this....

[NashvilleBound]

:rolleyes: :D :D :D :D Otter said it would be like this....
I thought it was the Otter saying we were not supposed to say???? :squiggle: Give us some dirt on the Otter boy.....he seems so sqeeky clean. Please tell me its not so. (why are my ears burning so bad??) hhmmmmmmmmmmm..... :rolleyes:

[MrsRiverOtter]

....he seems so sqeeky clean.
You've got to be kidding me.....is that what he tells you people?? :jawdrop:

[NashvilleBound]

You've got to be kidding me.....is that what he tells you people?? :jawdrop:
I will tell you privately here on the forums....just between you and I....he says you worship him....now dont tell anyone I said so....anything he asks...really.....when he comes home dinners ready or else....you get it... I think thats close :2purples: :2purples:
You've kinda opened the door here......

[canuck1]

:idea: mmmmmmmmm I like it! I guess I never thought about this scheme cause I didn't think a bank would give me a LOC on a vacant lot?? Have you done this?? :idea:
That is how we finance all our projects, but I am in Alberta not Nashville so I don't deal with US banks or know their ways. I can't see why you couldn't borrow against it

[MrsRiverOtter]

I will tell you privately here on the forums....just between you and I....he says you worship him....now dont tell anyone I said so....anything he asks...really.....when he comes home dinners ready or else....you get it... I think thats close :2purples: :2purples:
You've kinda opened the door here......
Yep, that about covers it. But don't tell anyone, I wouldn't want a reputation as a doormat :frown:

[canuck1]

One other thing you should think about if you sell is could you go back and purchase a similar house and lot down the road with out winning the lottery

[MrsRiverOtter]

It appears most of you think we should build on the lot. I really appreciate your advice, really, I do........but I thought you guys, of all people, would choose Florida. After all.......
Nooga= seasonal boating
Florida= year-round boating
If you vote for moving to the beach, I'll have a big party when we get there :D (Otter'll kill me for that one!)

[MrsRiverOtter]

when he comes home dinners ready or else....you get it......
That's funny, since he cooked tonight....don't tell him I told you that :boxingguy

[RiverOtter]

That is how we finance all our projects, but I am in Alberta not Nashville so I don't deal with US banks or know their ways. I can't see why you couldn't borrow against it
I can't imagine the bank oking a LOC on a lot but what the hay I'll ask. I've got a pretty tight relationship with the bank. :idea:

[RiverOtter]

Getting a HELO on a lot, or land for that matter, is much more difficult if not impossible. Otter: Whatever you decide you will do well. Your land is worth twice what you paid for it and a house, if you can handle the drama, will make it three fold. I still stand behind the offer to consult through your whole affair. free, of course.....but I require tours of the area and local cuisine.
Word Up my trying to be southern brotha :D Tour and treats are on me :wink: Good thing you didn't come in this weekend. Freakin Freezing here!! :2purples:

[JustMVG]

I hear the same thing.... real flake!! :boxingguy
Yeah i seem to fit that last line, gotta send you that stuff Jeff, damn me damn me to hell!!!!!

[RiverOtter]

Yeah i seem to fit that last line, gotta send you that stuff Jeff, damn me damn me to hell!!!!!
LMAO! If I make it to OP6C, you gotta come this way some time :D

[switchin'addiction]

Welcome Mrs. RO!

[Scream]

I might be late on this thread, but generally I'm late on most things...
Otter, you don't get many opportunities to live your dreams in life. Take the opportunity now while you can and live like you've wanted to. If it seems to be difficult to accomplish (but not impossible) most things worth doing aren't easy at first, but well worth the investment of time and energy.
Just my opinion, but I'd take it if I could...
Scream

[JustMVG]

LMAO! If I make it to OP6C, you gotta come this way some time :D
Going to do everything possible to make it to OP6, looking for a place to park the RV.!!

[JustMVG]

I might be late on this thread, but generally I'm late on most things...
Otter, you don't get many opportunities to live your dreams in life. Take the opportunity now while you can and live like you've wanted to. If it seems to be difficult to accomplish (but not impossible) most things worth doing aren't easy at first, but well worth the investment of time and energy.
Just my opinion, but I'd take it if I could...
Scream
I am in total agreement with Scream, take life by the short hairs and live it to the fullest!!! Sometimes life sends you a lottery ticket, it's up to you to collect.... Mikey

[shueman]

Keep the dirt as is....a good nestegg for the future....there may be somehting "down the road" that really fits your dream....

[Troubles No More]

Otter,
Life's Too Short.
If you have a place that is hard to beat, for kicking back, a place for your boat, a place to fish, listening to some tunes, drinking your finest beer and/or margaritas and enjoying friends and family.
You have to keep in mind that you only have today……………my.02

[gnarley]

Here's the deal. MrsRiverOtter and I have a dilemma! We own a waterfront lot in the hottest area of the Nooga. Our dream has always been to live on the water. Here is our dilemma.
-We could literally more than double our money in the short span of 2 years by selling and 1031ing that into other investment property.
-We could sell the lot and use the money to pay cash for a non-waterfront house and have no monthly payment.
-We could build our "dream house" and sell it (maybe make even more money to invest with).
-We could build our "dream house" and live in it (making us no cash but have tons of equity).
I know there are lots of real estate types out there and we'd love to hear your opinions. :idea:
I read several ideas; one thing that I'd question is how often the river floods and how high a 100 year flood rises.
How much property is it? If it is more than 5 acres you might qualify for farming or rural loan which is at a lower rate than conventional loans and a bit looser to qualify for. If you don't know much about farm lending do a search for Farm Credit Administration.
I would also pull equity out of the nice piece of property and build another and sell it.

[bunny 166]

Welcome Mrs. Otter! So nice to see you've joined the fun... your hubby is sweet and fun to talk to. Wish you guys weren't so far away--have a feeling your Mr. and my Mr. would get along great!! :smile: :smile:
P.S.--build your dream house on that lot and enjoy every minute of it!!!

[RiverOtter]

I read several ideas; one thing that I'd question is how often the river floods and how high a 100 year flood rises.
How much property is it? If it is more than 5 acres you might qualify for farming or rural loan which is at a lower rate than conventional loans and a bit looser to qualify for. If you don't know much about farm lending do a search for Farm Credit Administration.
I would also pull equity out of the nice piece of property and build another and sell it.
Well out of the 100 year flood. I know this cause it happened 2 years ago. I staked the high water mark. Other lots in the subdivision did have some flooding. Mine sits up higher.
Not big enough. 120 x 200

[NashvilleBound]

Well out of the 100 year flood. I know this cause it happened 2 years ago. I staked the high water mark. Other lots in the subdivision did have some flooding. Mine sits up higher.
Not big enough. 120 x 200
That was going to be in the next round of questions. Good to hear. 200 feet deep or wide lot? Just over a half acre....nice! How fast does the water move in front of your property? Are you on the deep side? All deep? Just trying to get a better picture how friendly a dock or water traffic is? I think waiting till temps are more friendly to come your way is the ticket. We can look at weekends in advance and stay in contact. Trowerb and myself are headed to the meeting tonight at 6:30. I will let you know what comes out of it.

[RiverOtter]

That was going to be in the next round of questions. Good to hear. 200 feet deep or wide lot? Just over a half acre....nice! How fast does the water move in front of your property? Are you on the deep side? All deep? Just trying to get a better picture how friendly a dock or water traffic is? I think waiting till temps are more friendly to come your way is the ticket. We can look at weekends in advance and stay in contact. Trowerb and myself are headed to the meeting tonight at 6:30. I will let you know what comes out of it.
200' deep.
5 knot current.
Same depth year round 8 to 17 feet all the way across.
Hardly any traffice except bass boats, toons and barges. The barges are not at all a wake problem. They are hardly moving as they approach the dam.
Just talked to my banker and they WILL loan me money against that lot. 65% of appraised value. :D

[NashvilleBound]

200' deep.
5 knot current.
Same depth year round 8 to 17 feet all the way across.
Hardly any traffice except bass boats, toons and barges. The barges are not at all a wake problem. They are hardly moving as they approach the dam.
Just talked to my banker and they WILL loan me money against that lot. 65% of appraised value. :D
In my honest opinon the rest of your details we can discuss off the forums when we come down. Just my opinon. let me just add 65% of your appraised lot will fall into 30-40% of your home cost....depending on how big Casa Otter ends up being of course.

[canuck1]

200' deep.
5 knot current.
Same depth year round 8 to 17 feet all the way across.
Hardly any traffice except bass boats, toons and barges. The barges are not at all a wake problem. They are hardly moving as they approach the dam.
Just talked to my banker and they WILL loan me money against that lot. 65% of appraised value. :D
Perfect now hook up with Nashville Bound and make some money towards your dream house