Updated about 2 years ago on . Most recent reply
Land development in st. Paul Minnesota
Im just looking for general information and strategy suggestions. We have two lots of land in south Saint Paul Minnesota which total approximately 2 acres right next to each other. The houses themselves aren't worth much but the city isn't building anything under $1m in the area now. We have been approached by a contractor to buy parts of the lots on the frontage roads to place approximately 3 houses. He would pay us $1.3 mil for the land and an undetermined % of the sale price of the homes. We would still have some land behind the homes not sure how much as of now. Also I have the potential to buy the neighbors lot of another acre guessing I could get it for $300-400k. What can I do to maximize profits in this situation? Is this a decent deal? Could I develop myself? I only have experience in buying properties to fix up and rent. Any advice would be much appreciated.