Tear down house on amazing lake front property
I have been eyeing this piece of property since it went on the market over a year ago. It is a tear down house built in 1900 on an amazing lake front lot with southern exposure with making lake views. I have an interest because I have two close friends that are excavators that could tear the house down and put in a new foundation for dirt cheap, secondly I think the views that would come with a new house on this property could be sold very quickly, and lastly I think I could invest a total of $400-450,000 and sell for at least $800,000.
The reasons I believe it hasn't been sold yet is because it is on a very steep slope and it is very next to houses on each side making tear down and excavating very difficult.
Facts: On market for 388 days.
Asking $199,900
Land valued at $168,000
Goal: Tear it down, and put up a house worth $300,000.
New houses on this lake are typically selling $800,000-$1.2 million.
I have great credit and about $45,000 in the bank.
What are my options to do this without breaking my bank account?
Could someone please shed some advice on the best way to go about this?
Please let me know if you have any other questions to help the process.