3000 sq ft of land use to be a 4 to 6 family house torn down 20 years ago i purchased the lot for less than $1000 today its assessed over $45,000 new development is sprucing up all over the neighborhood new units selling for $340,000 for a new 3 bd 1 bth heres the problem i do not have any cash to work with a developer whats the best solution
3000 square feet of land is hardly a driveway! LOL. Do you mean 30,000 square feet of land?
Must have been a tall, skinny 6-plex!
Keith
Depends. What have you tried?
Did you offer those construction companies a partnership? Did you talk to a realtor about the possibility of pre-condo sales since real estate seems to be selling like hotcakes?
so you can tell me ask a developer or use the developers money buid 4 units sell a unit for $280,000 pay off the developer and keep the other units
I was thinking more along the lines of getting precondo sale buyers first. Then, show it to a developer and get them to guarantee the construction loan and supply the mezzaine financing in exchange for a percentage of the profits. If a developer could tie up his own money without anything in place, he could just buy a lot in the area himself. What would he need you for??
Hi,
Ok, first of all as a small lot owner you are highly unlikely to attract a builder or developer to want to build on your lot and make you a partner, they are more likely to be willing to buy it, put a little down and ask you to subordinate your note to new construction financing and set your note up to pay it off in fractional pieces as units are sold!
Second you can not legally pre-sale a condo development until the development has all of the planning and zoning approvals, the entitlements and has a working set of engineered blue prints and a approved building permit in place for the property! It is illegal to try to sell someone something that does not exist and has not been approved!
Either continue to sit on the land as it appreciates or market it as willing to carry paper and subordinate to new financing to get it sold relatively quickly!
GR
your wrong maybe in your area 3000sq ft lot is small but in a neighborhood 5 minutes away from a major city 3000sq ft lot is a big deal.
With room to spare for a “parking lot.”
:beer
ARE YOU SOFT!!!
LOL! We’re just joking around John! :beer
Around where I live, near Dallas, building codes would keep almost anyone from building a structure of any significant size on that piece of land. Specifically when you factor in heavy restrictions on zoning, and not to mention restrictions/requirements on the design of parking lots, easements, landscaping, grass requirements, sidewalks, etc…in Dallas and most suburbs you can’t do much with 3000 square feet at all.
Hey, but if you can find a way to build on that piece of land, that is good for you. I wish you the best of luck with it and hope it works out well.