Leesburg, Florida rental property with a large lot
I just finished a rehab in Leesburg Florida and the property will be listed for rent by next week. It is on about .65 acres. I called the city and they said I could probably subdivide the lots and build another 4 houses based on the space that is available.
At this point, I’m trying to figure out the “highest and best use” for this lot. My initial thought is new construction, however, I would probably need to wait until I refinance out of the hard money loan in a couple of months before I explore that.
A friend of mine said he could build a 2/2 house, 800sq for about 80k-90k. Ideally, I would want to build as many houses as possible and subdivide the lots. My understanding is that this process can take quite a bit of time.
I have zero experience with new construction, however, I am totally willing to learn if it makes sense to build.
I’m all ears if anyone has any creative ideas or if you might be interested in partnering or offering a contractor referral.