I got a lead on a piece of lake front property in Plymouth MA.
The property (cottage) is a tear down. No fix and flip here.
The seller is motivated (unfortunately she has a terminal illness) and very realistic. I explained that the best I could do would be to offer the *market* (not town assessed) lot price, minus demolition cost, minus the profit I will need for myself and partners to compensate us for the risks we would be taking in building a new building. The property is not currently under contract - mostly because I honestly don't know what number I should be asking for. I really do not know this market at all and I am primarily a buy and hold investor.
General Property Information-
According to her, the town of Plymouth says that due to lot size you can only build a 1 bedroom house (cottage) on the lot.
It is a private lake with no public access. It is not a part of an association. Private Land.
Up a hill, no chance of it being in a flood zone. Great view tbh.
Town of Plymouth puts the lot value at 134k.
If you know the Plymouth lake cottage market and are interested in looking at the property with me, send me a PM. If you know someone who knows the market or is interested in the market - have them send me a PM as well. Currently I think the best course of action would be for me to pass this deal along and get a wholesale fee. But what do you think?
I am going to post this in the Wholesaling forums as well, but I thought I could get more local knowledge by posting on a Massachusetts based board as well.
Thanks for input/help/advice you could offer :)
@Douglas Costello We should talk. I can give you a good idea of what your new construction will sell for.