Wholesaler · Jacksonville, FL · Member since 2015 · 12 posts · 2 votes
I recently started walking around a few neighborhoods in the area so my FitBit will be happy after I've reach my 10,000 step goal for the day. During these walks, I always look at houses. Walking for $$$. I noticed that some houses were next to wooded areas or wooded lots. I have checked the county GIS map and I found that those wooded areas or lots are owned by individuals. There are no for sale signs on any of the wooded lots. The property taxes are paid up to date on all the lots I've found.
I would like some ideas or techniques for approaching or mailing the land owners. I would like to purchase the land and build. Bring your creativity, what works, what does NOT work, experiences. I would like some options for the best chance of success. Thank you in advance to the BiggerPockets family.
I know this isn't your direct question, but in case you or anyone else need info like this. Hope it helps.
I am one of those "anyone elses"! Thanks for the info Brian. I invested in land (mostly for flipping or re-selling with owner financing) but I've thought more than once about building on some of these better lots that acquire. I own one now that has all utilities already running to it and is on a paved road. I might actually look into the idea of building on it more now that I know it's possible to get the whole thing funded by a lender.
Lender · Philadelphia, PA · Member since 2015 · 6 posts · 2 votes
10y
Hi William
While I can't speak on how to workout the logistics prior to getting funding, I can tell you as a private lender that we see many scenarios like this.
Many lenders won't lend on vacant land, but lend once there is a foundation poured & utility hook up availability and approved building plans. The investor would need to take ownership of the lot and pour the foundation on their own. More often than not, the lender could refund some of money towards the foundation at closing and lend on new construction going forward. We can give you a loan commitment before that. We cannot fund on the loan until the foundation is poured and conduits for utilities are in place. The lender would need to have approved plans prior (can’t go on Modular plans). When you go to closing, the lender will fund on the loan and remit back to you the amount for the foundation. Getting started, the lender will need approved building plans, an appraisal and a detailed repair list from your inspector.
I know this isn't your direct question, but in case you or anyone else need info like this. Hope it helps.
I know this isn't your direct question, but in case you or anyone else need info like this. Hope it helps.
I am one of those "anyone elses"! Thanks for the info Brian. I invested in land (mostly for flipping or re-selling with owner financing) but I've thought more than once about building on some of these better lots that acquire. I own one now that has all utilities already running to it and is on a paved road. I might actually look into the idea of building on it more now that I know it's possible to get the whole thing funded by a lender.