I just graduated from uni a couple years ago, I dont really spend much money outside my rent (that Im getting a good deal on) and Im making more money than I know what to do with. Right now Income is $250k a year based on my current RSU price (210k was the offer). From Salary alone I invest around 40k a year, and save 10k a year and max 401k. Then the other 100k from RSU’s and Bonus straight to the ol portfolio. So Im basically saving or investing around 120k a year after taxes. Ive decided I want to get into Real estate. i found a really nice piece of land outside of Tahoe, just off the highway on a maintained road thats plowed in the winter, close to ski resorts but in el dorado county so I dont have to deal with airbnb and weird renting restrictions tahoe has. The land is zoned for residential, but has no electricity, no septic/sewer, and the water source is a year-round creek that runs behind that supposedly you can source water from. I figured I get a septic, solar, water filtration and storage, and throw up a little 600sq ft or less tiny house on it airbnb it out. But I really dont know much outside of maybe ~10-20 hours if googling, but the information is so sparse and it all seems heavily county dependent. All said and done Id like to spend no more than $100k on a tiny house and septic/water/solar, which from what Ive seen should easily get me there. a lot of places claim they can do it with $60k but Id like to pay a little more to get it done right. How would I go about doing this? Do I just call up someone and tell them the parcel number and what i want and they give me estimates? If so, who? Any gotcha’s i should look out for? What is the process of actually bringing this to fruition? YOE: 2 TC: 250k
Start with the city and/or county to see what they require. There are often minimum distance requirements for septic systems from water sources. Restrictions on whether you can even draw water and how much. Minimum building size requirements, grid connection requirements, etc. I’d start with a real estate attorney in that county.
Add permitting and drilling a well to your budget; it’s vanishingly unlikely you can pull water from the creek. Find a couple builders in the area and ask them for estimates. Everything is going to be highly specific to your land and permit dept so asking for advice here is pretty useless.
I believe in California you must be hooked up to the grid.