Cheap lake home? May or May not happen. (It is a go!)

[hcallaway]

Not sure if there is much interest here on this forum but I have posted several other projects over the years and have enjoyed the praise, suggestions and criticism provided by the forum posters. I will need to give some background. I am what I refer to as a $.25 Millionaire. I make a decent living, we are a single income family and have put 4 kids in higher education, three got 4 year degrees and one got a 2 year PHD from Va Tech in having a good time. Only one had debt in the end as I just could not cover the total tab. He was able to pay it off in about 4 years after hitting it hard on the payments side. The PHD went his own route and is now a railroad man with a beautiful wife and 4 kids so he is is also very successful. If you are familiar with my other threads, my goal is to always stretch my meager assets.

I love being on the water; however, lake front property here in Virginia as well as other areas is off the charts. Purchasing a lot on the water was not really an option. It will take some time to fill in the details of what I have been trying to orchestrate for the last 5 years as best I can remember. So this is what is taking place.

 

[Cub 7274]

Congrats to your son I was a RR man (conductor)for 36yrs and for the most part it was a fine job and the pension is good

 

[hcallaway]

In Virginia we have some great places to boat. Rivers, Chesapeake Bay, Tidewater, Smith Mountain Lake, Lake Anna and what I think for us is the the best of the best, Lake Gaston. With 20-22K acres of U.S. Army Corps of Engineers managed water the lake varies by about 1 foot year round.

I searched and found a wooded lot with a deeded boat slip for around 22K. It was well under what the owner wanted but timing is everything. As soon as I owned it I asked the County for a new evaluation of 18K as I felt I had paid too much. (At least in my opinion.)

 

[hcallaway]

My lot.
So now I need Water, Power, Sewer and a Septic System.
It is adding up quick and to start I have to clear the trees.

 

[hcallaway]

I was not in a big hurry and the reason I got the lot on the low side was my neighbor to my right. He had a feral cat population and his family was not responsive to my inquiries. He did aid me on my negotiations as to who else would want my lot. Certainly not my wife, who did not see my distorted vision. I have to tie up my loose ends and then I can move along with my build. Thanks for your patience.

 

[japody]

Is that near Bracey?

 

[hcallaway]

Closer to Henrico

 

[old and tired]

The cat population most likely isn't going to be a permanent "thing"... it might take time or you might have to build a fence, or drop a line to the Animal Humane Society.

We got our mountain land since we had an easement through basically a neighbors' junk yard. Several cars and whatever else someone didn't want. I had no problem with it, since it wasn't my land, as long as I can drive the easement, I was fine. My neighbor in the city was a white version of Sanford and Son... again, not my land, they can do as they please. They had all kinds of junk scattered.

I grow deep roots and never planning to sell or move, the junk yard is long gone... replaced by cows. And Sanford and Son's old house is now a $700K McMansion.

 

[hcallaway]

I seem to like properties that have some idiosyncrasies. That is a mouthful. Mountain house and garage had a group home buy next door. ARC were beautiful people and were a joy. Property with large garage with apartment had access issues. In the end I was offered deeded access and had a great relationship with an elderly African American who I truly respected. Buy low and sell high. At least if you buy low the losses can be minimized.

 

[EddieWalker]

I'm a little confused. Did you just buy a lot on a lake, or close to a lake with access to the lake? Are you going to build on this lot or are you cleaning it up to sell it for a profit?

Either way, I've enjoyed your other threads and look forward to this one.