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Vacant Lot construction ideas!
Hi, first time on the forums here and i've only ever made 1 real estate purchase. Four years ago I bought a double lot 100 x 100 in St. Petersburg FL (tampa bay area) for 40 k, cash. Now market research shows I can sell it for 115k. I would like some advise from investors of what my next steps should be. Here are my ideas.
1. Sell the lot - quick easy money ~60k profit after taxes
2. Build a single family home to sell ~100k profit. Downside here is getting a construction loan if I dont intend to keep the house.
3. Build a single family home to rent out ~long term investment no immediate profit
4. Split the lot in 2 - build two smaller homes and either sell both - sell 1 and rent 1 out - or rent both out. Construction loans to build 2 houses now get hairier.
Any other ideas? Anything I'm missing? I going through a large learning curve here and information can help.
Thanks!