An investor tried to make money off this lake property, but he bit off more than he could chew. The bank foreclosed on it. One investor bought a phase I development and has fixed it up. They're asking 500k for the phase II, but I can probably get it for 300k. Judging from the numbers on the phase I investor, it would cost about 50k to get everything in order. There are 8 lots, 5 have deeded waterfront access and dock permits. I could make the 8 lots into 5 and possibly sell the 5 lots for 119k a piece. The only real estate deals I've ever really done have been bird dog related, but I think i can do this. Who knows, maybe the phase I investor will show me the ropes. I just wanted to know your thoughts on this deal. Thanks for all your help.
-David