Vacant Neighborhood Investment
Hi All -
This will be my second real estate deal and trying to figure out my options. I have one rental property and it's doing fine. It was my first home that had great rental potential and I decided to capitalize and I'm cash flowing about 350 a month. This next is more complicated. My wife and I bought a lot in a vacant neighborhood in Feb 2014 to eventually build. With the real estate resurgence in my area (Trussville, Al) I figured the rest of the lots in this little neighborhood would be snatched up. I bought mine for 15k and after house and improvements it's now worth 45k (per apprised value). Got to talking with my builder (former large subdivision creator) and the real estate agent on the other properties and decided to buy them. They are foreclosure lots but I got 8 for 9k a piece. My builder wants to work together to develop them but I am curious if anyone has ever done something like this?