Hey guys, I have found this residential lot in a new subdivision. The developers are still working on the subdivision. I have contacted the owners and offered them 55K for it. Then they reply back and wants 60K 65K. I counter offered them 60K and I pay all closing costs. But not he wants 65K. I am going to counter offer him again and try to get it for 60K. I have called my realtor friend and he said I could sell it for 85K. I want to get it under contract and run a feasibility study on the lot. I just plan on flipping it. Or maybe list it with my realtor and do a double closing. What do you guys think?? Thanks!
Howdy Pinoydarv:
Is the lot level and ready to build on and high and dry. I have seen some lots that were not as great as the comps because of the above problems. It you can flip it fast you would have a great deal. If you have to get financing at hard money rates and can not sell it for 1 year the deal changes to poor. I always ask if it is worth $85K why have the sellers not sold it for that amount? If you can find that answer you may or may not have a good deal depending on the answer.
The lot is not yet leveled. I am going to get it under contract and have a feasibility study done on it.