Need Advice on a Subdivision Opportunity!
Hey BP! I'm a Wholesaler in San Diego County, California; and I'm currently having a bit of trouble figuring out how to market a deal I'm getting under contract to Cash Buyers. If there are even Cash Buyers for this kind of deal.
So the basics of this deal are the following:
The property is in Fallbrook, CA; in the Morro Hills Community.
The property is 13 acres large, right in the middle of a "high end" single-family residential area; whose properties average between the 950k-1.2M pricetag(Each property is just about 2-3 acres large with these prices). This property also has a tentative Parcel map with 5 parcels, with 2-3 acres each parcel, you could build 4 homes on this.
The house itself isn't all that great, it's 3 thousand square feet, but nowhere near as luxurious as the rest of the homes in this neighborhood in terms of design; and I'm getting this for $1,250,000.
With all useable land and fertile land(With the exception of Grand Oaks which cannot be cut down; which may serve as an attractive part about the "Community" if several homes were to be built on the subdivisions), 2 water wells, 2-inch water meter and all the utilities; how difficult would it be to find a developer to pick this up, have the deal assigned to, pay closing costs, and pay in cash?
I have no idea how to find developers that would build luxurious homes in a community like this, and wonder if they'd bend over backwards to pay for Backtaxes, Closing Costs, a wholesalers' assignment fee, and close within 2 months! I feel like I'm hoping for a miracle here because I've heard how difficult it is to get a subdivision done, and the time it would take to build 4 homes.
Any advice, tips, or hard reality checks about this kind of deal would be greatly appreciated!