building a house then selling it

[dwnsouth]

So there is a lot across the street from my house. The old man who use to come cut it hasnt cut it in a few years and I am afraid that he may no longer be with us. Well somebody has to own the lot and I have enough information from http://gis.brgov.com/maps/ to go to the clerk of court office to see who owns it and so on.

Now if do get hold of the lot should I build a house on it right from the start and sell it or should I hold on to the lot and try to sell the lot for more than what I paid for it 9based upon me buying it for less than market). I have good credit and I am sure I can get a loan with ease againt the house I am currently in.

here are a few pics from taken from my window as i posts



Granted, its not a full size lot but its enough to build a nice house on. The neighborhood is actually about 4 streets and its almost considered rural.

Looking for advice and tips....

 

[Real1]

How much will you pay for the lot?
How much will it cost YOU to build a house, and what would that house be worth?
What are you development costs?


I could go on for a while. There isn't enough information to determine what is best course of action. It sounds like you are new to investing, and while it's not impossible, starting in Development isnt' advised.


Find an investor that builds homes. Partner with them! You will make money....but most importantly, you will learn about the process. Why spend years and thousand going to classes and seminars when you can learn from someone that is doing it and not talking about doing it. I got started in development early in my investing career but wouldn't have dreamed about doing it alone.

 

[dwnsouth]

How much will you pay for the lot?
How much will it cost YOU to build a house, and what would that house be worth?
What are you development costs?


I could go on for a while. There isn't enough information to determine what is best course of action. It sounds like you are new to investing, and while it's not impossible, starting in Development isnt' advised.


Find an investor that builds homes. Partner with them! You will make money....but most importantly, you will learn about the process. Why spend years and thousand going to classes and seminars when you can learn from someone that is doing it and not talking about doing it. I got started in development early in my investing career but wouldn't have dreamed about doing it alone.

I truly understand that I did not provide a lot of information. This post is all prelimary information just to see what people have to say. I would never venture into something like this unless i can a.) get the lot for a low price b.) find a builder who will not cost an arm and a leg nor take all damn year.

At the least, I just want to own something and the lot was a start.....beside some of the idea me and my uncle have been throwing around.

 

[Lick]

So there is a lot across the street from my house. The old man who use to come cut it hasnt cut it in a few years and I am afraid that he may no longer be with us. Well somebody has to own the lot and I have enough information from http://gis.brgov.com/maps/ to go to the clerk of court office to see who owns it and so on.

Now if do get hold of the lot should I build a house on it right from the start and sell it or should I hold on to the lot and try to sell the lot for more than what I paid for it 9based upon me buying it for less than market). I have good credit and I am sure I can get a loan with ease againt the house I am currently in.

here are a few pics from taken from my window as i posts



Granted, its not a full size lot but its enough to build a nice house on. The neighborhood is actually about 4 streets and its almost considered rural.

Looking for advice and tips....

Hey Dawg,
Do you know a good Probate Attorney in your State? I need one like a dead man needs to be buried! If so please hit me on the PM…. I am not in that part of the game yet. I know a ton of cats that are however and will ask them. I’m in Cali and I can only imagine it being a bit different in LA.
Hit me up… LICK

 

[dwnsouth]

Hey Dawg,
Do you know a good Probate Attorney in your State? I need one like a dead man needs to be buried! If so please hit me on the PM…. I am not in that part of the game yet. I know a ton of cats that are however and will ask them. I’m in Cali and I can only imagine it being a bit different in LA.
Hit me up… LICK

i dont know any probate attorneys.....hell...i had to google that shit cause i wasnt sure what they did

 

[afroyale]

Lick is trying to scheme some money from a dead relative to pay off the loan shark. ... Bruh, grandpa Willie aint left you shit!

 

[Zyin]

Holla at us after you get an accepted offer or something. I would love to finance it for you.

Where are you located at anyway?

 

[Lick]

Lick is trying to scheme some money from a dead relative to pay off the loan shark. ... Bruh, grandpa Willie aint left you shit!

Dayumn Dawg! You a funny MOFO!
I did inherit land in LA and I need a probate Attorney that will work. I don’t have to tell anyone about the Attorneys in LA!
“AFROYALE” I wish you well my brother! LICK

 

[Lick]

i dont know any probate attorneys.....hell...i had to google that shit cause i wasnt sure what they did

Thanks anyway bruh. You know the History and the laws in LA. I love the place and would live there if I did not have to deal with the White people there. My spot is in the Northern part of your State. 228 acres.
LICK

 

[dwnsouth]

Thanks anyway bruh. You know the History and the laws in LA. I love the place and would live there if I did not have to deal with the White people there. My spot is in the Northern part of your State. 228 acres.
LICK

I know all about Monroe and West Monroe....I went to college in Ruston...and limited my adventures to Shreveport

 

[Lick]

I know all about Monroe and West Monroe....I went to college in Ruston...and limited my adventures to Shreveport

You know any Webb's or Jackson's in Shreveport. My people!
Stay up! LICK

 

[dscrilla01]

I suggest finding out what homes are selling for the most in your neighborhodd and how much the cost to build would be. For example if there is a lack of 3/2 in your area and a high demand I would build a 3/2. Go to open houses in your neighborhood and listen to what people say. You will be able to determine the market after going to one or two. First thing first is to secure the land. You should be able to find a lender who will lend on vacant lots or like you said you can take a heloc on your current home. Go to scotsmanguide.com if you are having trouble.

After getting your loan for vacant lots find a home construction loan in order to build the home (based on what the market wants). ***make sure the cost to build is not over %50-55 of the selling price for comparables***, if so it is not worth the time.

Now your home is built and you need to find a buyer because you are paying for the above loans. I suggest finding a lender who will refi-cash out on a construction to permanent loan. For example the loan you took out to build the property is $250000 and the appraised value is $450000. Find a lender who will give you atleast 85% loan to value. You have to remember if you build that house and sell it you may experience heavy capital gains taxes (40%), basically you want to build, refi cash out, rent and sell after a year therefore you will recoup your intitial investment plus make a profit and avoid capital gains taxes.

By the way if you have good credit 660 plus you do not need an investor.

 

[dscrilla01]

by the way if you can make a good profit from buying and selling the vacant land, I would go that route.

 

[dwnsouth]

by the way if you can make a good profit from buying and selling the vacant land, I would go that route.

houses in this area go for 90k to 130k or so....


thanks for you reply....when you mentioned the tax issue i pretty much decided to stick to just selling the lot as a way to start small and do something simple.....

 

[Lick]

houses in this area go for 90k to 130k or so....


thanks for you reply....when you mentioned the tax issue i pretty much decided to stick to just selling the lot as a way to start small and do something simple.....

Bruh... That is not a lot of money... Let talk some business...
LICK!