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Name:
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Feb
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Subject:
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Looking for Property
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Date:
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3/28/2004 7:58:59 AM
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Hey Striker, I was in the same situation when I bought. The one thing that will be important is to buy a Lake Martin place with a cabin on it. Even if it is a future tear-down. Without a cabin on the lot you will not be able to take the tax credit for mortgage interest, closing cost and property taxes. Those credits will be a big help in paying for the place. Then if you rent the place you have even a bigger tax write-off. An improved lot also helps in that you have a driveway, septic, well, electical, landscaping, and often a dock and maybe boat house. Your insurance will be higher but that is minor compared to the advantages. Also, consider using a buyer broker that works for you and not the seller when you are serious about buying. A buyer broker will save you a lot of looking time, obtain reasonable price, find mortgage lenders, closing attorney, safe-guard and help against unknown hassles (termites, property surveys, etc.), distractions, and legal problems that real estate sometimes presents. Think about it. The bottom line is that I do not think you can loose unless you make a real stupid mistake in selection of a poor location. Go back and read all the threads on this Forum about this subject. You will learn a lot from far more knowledgable folks about Lake Martin than myself.
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