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Updated over 5 years ago on . Most recent reply

User Stats

86
Posts
33
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Nicholas Smith
  • Real Estate Broker
  • Northwest Indiana and Chicago, IL
33
Votes |
86
Posts

Bought a Golf Course Lot; How to Partner with a Builder?

Nicholas Smith
  • Real Estate Broker
  • Northwest Indiana and Chicago, IL
Posted
Hello BP - So I recently bought a golf course lot and am looking for some advice/ suggestions on what do with it.  This is a development where one developer/ builder is constructing and selling 14 paired villas.  And 6 single family lots were sold separately and I bought one of these.  The builder that's working on the paired villas is also building the first single family home.  The owners of the single family lot just contracted him to build their home.  However, I'm trying to see if there is any type of arrangement that might entice him to work with me as the lot owner to build the home and we share profits?  Here are a few options that I've thought of or have been suggested to me:

1) As a realtor, I can sell the lot on the open market.  I could possibly sell it for 10K to 15K more than I paid.  But definitely aren't many comps for this type of lot.  So somewhat of a gamble.

2) Partner with the developer that's already building.  Sell him the lot on land contract.  Split the proceeds once closed.

3) Work with a GC and build the house myself and get it pre-sold or sell it after it's been built.

Curious to see if anybody has any other thoughts?  Thanks in advance!
Nick 

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