Spec Build Opportunity: Need some advice and perhaps a partner

[Paul Z.]

I'm just about to finalize a purchase contract on a property in Yorkville, IL. It's in a quaint Olde Towne area with great schools and zero crime. People live here because of the homely feel and close knit community. There's easy access to major highways and retail. The city definitely has appeal and character. And best of all there's been a high amount of sales activity throughout the city. 

With that said, I received the lead on the property from a woman who is finalizing an estate for her parents who have both passed away. The property is on a large corner lot with beautiful colonial/victorian style homes throughout the subdivision. The land itself is historical but based on my research the property is not. 

I managed to negotiate the purchase price of the property at what I believe leaves many options (i.e. I got it for much less than the value of the land) that being a complete rehab of the existing property or perhaps a tear down and rebuild. For my business model it makes sense to wholesale this over to a Developer or a Flipper that has experience in this type of complexity. I'd actually like to be able to turn this over to someone like a developer and then watch from the sidelines how a spec build comes together since I have a serious interest in it. 

Who are my fellow developers here on BP? @J Scott I'd love to hear your insight or perhaps even your interest in a property like this. It just might fit your mold based on some of the spec build projects you've recently completed. 

If anyone could offer their advice or perhaps their interest it would be greatly appreciated. Offline if you contact me, I can fill you in on all of the details, provide pictures, analysis, etc. etc. Just let me know. 

Thanks! 

[J Scott]

Originally posted by @Paul Z.:

Who are my fellow developers here on BP? @J Scott I'd love to hear your insight or perhaps even your interest in a property like this. It just might fit your mold based on some of the spec build projects you've recently completed. 

 

 It's not something I'd be interested in buying (long-distance rehabbing is tough...I couldn't imagine long-distance building!).  That said, it sounds like you're on the right path in terms of finding someone who can tackle this, and offering to partner with them.

Personally, if you and the property were in my area, I'd be happy to pay you a referral fee for the deal/lead and then mentor you through it.  I'd probably even be willing to give you a % of the profits instead of a referral fee if the deal were really good.

I'd pursue that path if I were you...