3 residential lots for sale, advice on how to research these lots

2 Replies

Came across a guy selling 3 residential lots, curious on what I need to look for and what to ask. New development in this area and will be in prime area of high school middle school.

Three prime lots around 14k sq ft per lot. Do I call the city, I'm guessing he has the land deed for these. Any assistance on who I should contact with city to verify etc.

I have never dealt with land personally, but you may want to reach out to Seth Williams, from REtipster.com. 

I don't know Seth personally, but he was the interview in BP podcast #39, and his specialty is vacant land. He might have some advice for you. 

@Jeff B.  

Jeff do you have a GIS system in your municipality? You can knock out a lot of research on there. I would find out the lot dimensions along with the zoning of the lots.  With that information you can find out density, set back and frontage requirements so you can be sure what can be built on the lots. You will also should find out what comps are going for in the area then you can back into a value for the lots. I would also check to see if the land is virgin or has been developed before. If it is virgin check into your local cost for water and sewer tap fees. There is a lot more to do but I would start there. You may be able to call and get the answers for these questions but I would get as much info as you can online it will save you time and the chance that someone may incorrectly answer a question.  Do you want to develop the lots yourself or improve and sell them?

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