Turning a 5 acre Multifamily Zoned Lot into a Cash Cow
Hey all,
I am new to investing but have a big idea (for me at least). The kind of idea that gets my blood pumping and absolutely jacked. Anyway, here it is:
There is a house in the middle of my town (3bd 2ba) attached to 5 acres of land. The price is $1.1 Million (money I definitely do not have), but I do have about $100k. My plan is to split up this 5 acre parcel into 5 separate sections of a Family Transfer so that each one of my immediate family gets a piece and we don't have to go through regular laws of subdividing, which would be even more costly. Property taxes are only about $3,000/yr which is pretty average for where I live.
I would then build a 4plex on each of the 5 sections over the next 5 years using 3.5% down. Talk about an exhausting long term plan. This would add tremendous value to this plot of land overtime and add value to the community in terms of newer places for people to live, but like I said, I only have about $100k to work with.
I am just wondering if this would be possible, if I would need to find more money, or if anyone can give me any direction into what I need to do to educate myself in this area. I am trying to think creatively here because this is a primetime location, but any advice would be helpful.
Thanks everyone,
Grant B.