I live in central FL and I have a question about vacant land. If the owner carries the note on the land or agrees to a L/O, can you begin to build on that land?
If he holds the note you should be able to. If it’s an L/O you may not want to because you’re not in a secure enough position. We do a lot of taking land though the entitlement process here in Central Florida prior to closing, but never actually building on it. Seems a bit risk. On a different note, I’d be careful building much of anything around here right now. What part of Central Florida and what type of building are you planning on doing?
By the way…you’re not going to find a bunch of developers in this forum. You may want to search around for a more specific board.
thanks for the reply. I’m near Orlando, more specifically Apopka. A man has been trying to sell a piece of land out here for some time now, and it seems like a nice piece. My credit is damaged right now, but I’m bringin in a lot more income and I have a good amount saved up. If he was willing to carry the note for a few months, I want to build a SFH on it,refinance it, live in it for a few years and sell it if the market turns. If the market hasn’t turned I wouldn’t mind staying because I like the area. Thanks for your help, i know this isn’t the best place for a question like this but I’m not sure where to go.