How to hit a home run with empty city lot
Hi everyone!
I am seeking advice on what to do with the empty lot I was gifted when investing in my first house hack duplex.
I have owned the property since 2015 and it has been a great cash flow.
We are closing on another property this week and I keep thinking in the back of my head. Buy more properties? Or build a multi family on that lot.
Currently my portfolio consists of the duplex, the single family home w/ guest house we are closing on Friday, and our primary residence which is a SF 3/2.
We like the buy and hold and think we are in a pretty good market.
I am working a full time job and raising a family. Looking to reach financial freedom and wondering how to hit a home run with that empty lot.
Thanks!
Most Popular Reply
Don t know your area, but here there's no general residential zoning. Residential neighnorhoods are zoned for sfh or duplexes etc.
My neighborhood has a lot of duplexes, which used to he zoned for that. Zoning changed to sfh in 2005 and those duplexes are now grandfathered in. But I wouldn't be able to build a new duplex.
Roadfrontage is also very important. If current zoning requires 60' road frontage and your lot only has 50....the. That's a problem.