WHAT'S YOUR FANTASY PROJECT OR UNIQUE PROPERTY TYPES

11 Replies

Do you own a unique property, property type, or have a fantasy property or project you would like to own? I know there are so many different niches that others are in, and ideas others have, sometimes it's fun to see what they are. 

WHAT TYPE OF UNIQUE PROPERTY OR FANTASY DEAL DO YOU OWN, OR WOULD YOU LIKE TO BUY/DEVELOP?

I just bought a tiny 500 sq ft 2 bedroom house on a 2 acre lot. Definitely not a fantasy property, but unique.

Well love great house deals and buying storage units...latest is an estate house full of stuff and purchasing for a really nice price!

For me, I have had a lot of projects I've wanted to do over the years, at various stages of our family life, etc. 

  • Develop a fun park with fast go karts, waterpark, etc. in Shasta County
  • An extreme sports venue (Freestyle and Motocross track, BMX, Skateboards, waterpark, etc) with RV Park and small hotel in Shasta County.  
  • Country Inn on 20 acres we own in Redding, CA

Now days, since relocating to southern California, I think about developing:

  • Mixed use project with retail on lower level and residential condos on upper levels, with ocean views of course! 
  • Boutique hotel or Large Bed and Breakfast, coastal area
  • Pocket neighborhood in coastal area of Orange County
  • Office/medical condos

@Sharad M.  That does sound unique. What do you intend to do with it? Is it in an area where it could be a vacation rental? Have you watched the tv show about Tiny Houses? 

@Darron Stewart  Storage units have a lot more interest since "Storage Wars", and in some areas they're a great investment. 

@Karen Margrave  Have done storage wars a bit, two great ones come to mind, one free with tires nephew sold for $6k and another after doubling investment kept a few things to include a $5 gold coin from 1911, woo hoo!

Originally posted by @Karen Margrave:

For me, I have had a lot of projects I've wanted to do over the years, at various stages of our family life, etc. 

  • Develop a fun park with fast go karts, waterpark, etc. in Shasta County
  • An extreme sports venue (Freestyle and Motocross track, BMX, Skateboards, waterpark, etc) with RV Park and small hotel in Shasta County.  
  • Country Inn on 20 acres we own in Redding, CA

Now days, since relocating to southern California, I think about developing:

  • Mixed use project with retail on lower level and residential condos on upper levels, with ocean views of course! 
  • Boutique hotel or Large Bed and Breakfast, coastal area
  • Pocket neighborhood in coastal area of Orange County
  • Office/medical condos

 @Karen Margrave , if you develop this park in Redding I will be the first to grab a shovel and help build !! You just listed my dream park haha. I live in Redding and love motorcycling... If you build it I will come :)

@Rodney Smith  I don't think we'll be doing that. We no longer are up there. But, when I was imagining it, it would have been over by 44 and Old Oregon Trail, close to Big League Dreams, etc. Our son and grandson used to ride BMX, and then he and his friends used to ride freestyle mx in our backyard (the backflips, etc.) one of the guys is now one of of the best freestyle riders in the country (Nick Dunne), so that was fun. There's definitely a need up there for something like that, just not sure anyone can afford it these days, that area was so hard hit by the downturn, that's why we are here! 

@Karen Margrave  It's currently rented for $550/month. I will keep it as a rental as long as tenant is there and once the tenant moves out, then I am going to see what I can do with it. $550/mo, it will be a great rental, but I need to see what I can do with all that vacant land.

You keep bringing this project up in my mind, so I'll take that as a good sign. Thank you @Karen Margrave  .

I know of a neighborhood that borders on a million dollar neighborhood. It's about 60% developed, and homes cost about 150k. I would love to buy the entire area and bring it up to or above the price of the neighbors. I know it can be done, I've seen models like this work before.

Michael, coming up with ideas for different pieces of property is the easy part. I will guarantee you that if there's a million dollar neighborhood next door, and it's selling, the developer of that already knows about the neighborhood you're speaking of, and will be buying it if it's possible to do. 

However; on the outside chance they aren't. Putting it all together in a package that is doable is the hard part. For what you are describing, you would need enough money to at least do some type of option on all of the properties to tie them up. Then you'd need to figure out all of the details. EXACTLY what it would cost to demo all of the homes, bring infrastructure up to what would be required by both the building department and the end buyers, then get lots ready to develop. 

Once you are to that point, you could either sell to a builder or build them out. Selling to a builder would be the least risky, and the neighboring builder would be the obvious one to go to first. 

Another idea would be to approach the homeowners themselves. They already know the area and are sold on it.  If you can find a way to get them to invest their equity into the deal to do a portion of the pre-construction work, etc. that might be a way to go. However; you didn't say how many lots there are, and getting too large a number of owners working together would be extremely hard. 

Finding the money to do it yourself, when you have no real develoopment experiece will be hard. People with money want to see a track record. 

Your best bet might be to act as some type of facilitator. Getting all of the homeowners to agree to sell their properties at a set price, for a set period of time, basically pooling it into one deal and then offering it to a developer in exchange for one of the properties or ? (since you aren't licensed you probably can't take a commission). 

On the other hand, you could try buying one parcel at a time, demo it, and move to the next. However; once the neighbors see what's going on, the prices for their homes will be going up too. 

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