Here goes…
I posted earlier, “panelised houses” and got no response, but i cannot let the nagging feeling pass that this could be a good idea with a bit of tweaking…
In a nutshell, I want to buy 3 lakefront 1 acre plots, put up 3 panelised homes quickly, and sell them immediately , sharing the profit with whoever would choose to see me through it.
am i totally off the wall with this, or could it work? the property i am thinking of in
s lakefront lake palestine, east texas.
Do you live in Palestine, Texas?
One thing you might want to do to attract an investor is make a data sheet that shows population, migration, home values, general details on the lots you are buying (like no easements, public road access, all utilities at lot, etc), your estimated cost of building and estimated selling cost.
I asked if you lived there because the statistics of the area don’t seem too appealing to me and wondered if I missed something.
Also, have you tried to get construction loans on your own?
thank you for the words of reason. no i don’t live there, it was a knee jerk reaction to finding myself in phoenix by acident… the dry desert is killing me.
i’ve been researching lake palestine, and Tyler for several months, but clearly need to do more work on it.
thanks again
ps… as for the construction loan, the panelised builing company i’ve been talking to would apparantly finance the land, the house and the construction.
Cheryl,
I figured as much. I have seen many parcels for sale on auction houses for Palestine, Texas. The main flaw I see (well potential one) is the housing market in the area. Palestine, last I checked, had under 20,000 residents with like 10-15 new residents a month moving in and a few hundred properties on the market.
Got to wonder how fast 3 homes would sell when you have like maybe 3 prospective buyers looking at the area monthly. I am not sure about recent trends there though. Might be a growth boom?
If not, I myself don’t care for the idea of trying to move 3 homes in that market. You might want to check on how many homes are on the lake, what they sell for and do they sell. Then look at homes 1 level back from there. Many people want to own by water but not on water. Usually because the price goes down and/or kids. Then see what it would cost you to build it all and what the difference is. You might have a winner. Count on having to hold the property for a few months or so to sell it. What if it takes 1 year to sell? Is all your profit gone?