Lab 8.1: Balance Transfer Chaincode go errors

Hi There,
i am facing altogether different issues.
First go mod init did not worked for me.

sv@Sumit:~/go/src/github.com/hyperledger/fabric-samples/chaincode/balance_transfer$ go mod init
warning: GOPATH set to GOROOT (/usr/local/go) has no effect
go: cannot determine module path for source directory /home/sv/go/src/github.com/hyperledger/fabric-samples/chaincode/balance_transfer (outside GOPATH, module path must be specified)

Example usage:
    'go mod init example.com/m' to initialize a v0 or v1 module
    'go mod init example.com/m/v2' to initialize a v2 module

Run 'go help mod init' for more information.

Then i used as suggested

sv@Sumit:~/go/src/github.com/hyperledger/fabric-samples/chaincode/balance_transfer$ go mod init balance_transfer
warning: GOPATH set to GOROOT (/usr/local/go) has no effect
go: creating new go.mod: module balance_transfer
go: to add module requirements and sums:
    go mod tidy

Then vendor command didnt worked.

sv@Sumit:~/go/src/github.com/hyperledger/fabric-samples/chaincode/balance_transfer$ go mod vendor
warning: GOPATH set to GOROOT (/usr/local/go) has no effect
go: github.com/hyperledger/fabric@v1.4.7: verifying go.mod: github.com/hyperledger/fabric@v1.4.7/go.mod: open /usr/local/go/pkg/sumdb/sum.golang.org/latest: no such file or directory

I checked the folder path of /usr/local/go/pkg which is read only. Only admins can modify.

Not sure what is an issue. Also i noticed that GO always complain about GOPATH and GOROOT. I suspect this could be an issue?

All my go env's are as below.

sv@Sumit:~/go/src/github.com/hyperledger/fabric-samples/chaincode/balance_transfer$ go env
warning: GOPATH set to GOROOT (/usr/local/go) has no effect
GO111MODULE=""
GOARCH="amd64"
GOBIN=""
GOCACHE="/home/sv/.cache/go-build"
GOENV="/home/sv/.config/go/env"
GOEXE=""
GOFLAGS=""
GOHOSTARCH="amd64"
GOHOSTOS="linux"
GOINSECURE=""
GOMODCACHE="/usr/local/go/pkg/mod"
GONOPROXY=""
GONOSUMDB=""
GOOS="linux"
GOPATH="/usr/local/go"
GOPRIVATE=""
GOPROXY="https://proxy.golang.org,direct"
GOROOT="/usr/local/go"
GOSUMDB="sum.golang.org"
GOTMPDIR=""
GOTOOLDIR="/usr/local/go/pkg/tool/linux_amd64"
GOVCS=""
GOVERSION="go1.16.4"
GCCGO="gccgo"
AR="ar"
CC="gcc"
CXX="g++"
CGO_ENABLED="1"
GOMOD="/home/sv/go/src/github.com/hyperledger/fabric-samples/chaincode/balance_transfer/go.mod"
CGO_CFLAGS="-g -O2"
CGO_CPPFLAGS=""
CGO_CXXFLAGS="-g -O2"
CGO_FFLAGS="-g -O2"
CGO_LDFLAGS="-g -O2"
PKG_CONFIG="pkg-config"
GOGCCFLAGS="-fPIC -m64 -pthread -fmessage-length=0 -fdebug-prefix-map=/tmp/go-build3810999029=/tmp/go-build -gno-record-gcc-switches"

FYI... I have extracted go zip in /usr/local/go/ while installing

Am i missing anything here?