I just bought undeveloped land... now what?

Question

Hey there,

I'm trying to get into real estate investing and have purchased some undeveloped surplus land from the county in Raymond, WA. I'm not sure what to do next. Any advise would be much appreciated.

Thanks!

Cecil

V.G Jason · Answer

Why are you asking this after you bought the land, and not before?

Ned Carey · Answer

@Cecil Chrisinger again it is usually best to have a lan before you buy. But if you did enough due dillegence to know it is a great money maker then you can decide which way to go depending ou your resources, goals and risk tolerance. Personnaly I would simply quickly wholesale it. I would do that by taking it to auction.

If you have an inclination to be a developer or your risk tolerance is higher than maybe you want to build.

Cecil Chrisinger · Answer

Thank you all for the reply to my hasty post. So sorry for the lack of information. I did my due diligence or I wouldn't have purchased the property which is in the city limits has water, electricity and sewer in the street. The parcel has no restrictions and is approximately 50' x 110" or 5500 sqft. I guess I wanted to hear from the BP forum ideas for what they would do with the property i.e. wholesale, build on it and sell or build and hold it or maybe even build a vacation rental. Raymond isn't exactly a happening place so I was hoping to hear from some locals that have a feel for the housing market in the area and know what is working best.

Sherief Elbassuoni · Answer

@Cecil Chrisinger, ideally, you do the due diligence before you purchase, not after.

Since you already bought it, you can check the zoning and see what could be built on the lot and check what is the best use for the land

Henry Clark · Answer

You being from Wyoming you must be a bull rider for a deal like this.

Was just in Yakima Washington. Lot of money to be made in Washington.

What is the detail on the property?  Zoning.   Lot size.  Address for google earth view.  Let’s have some fun.

Like this topic better than “Can I transfer my house to my LLC”.  Actually that was a funny post.

Chris Seveney · Answer

@Cecil Chrisinger

You need to check with zoning to see what can or cannot be built on the lot

Check if there are any easements on the lot

Then check water and sewer.

After that determine what you want to do with it

Whether you build something or sell the lot

Cecil Chrisinger · Answer

The property is in a residential neighborhood within the city limits. There is water and electricity in the street.

Thanks for the reply!

Wayne Brooks · Answer

@Cecil Chrisinger What has been, or is being, built around it?   Are there roads, utilities?

I just bought undeveloped land... now what?

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