I have a potential property that I am interested in acquiring that is cashflowing quite nicely. The catch is, the lot next door is listed separately and must be sold with it!
What do you do with an empty lot when the cost of building another property is not worth the hassle?
Perhaps it’s big enough to build a small self storage building on ?
This is why they want you to buy it. The value will likely be much less than the seller thinks it worth.
@Wayne Brooks and or for tax reasons.
but I would wonder is it not financially feasible or just not something this guy wants to do.
if it has market value buy it and resell it.. if its in an area like many markets were bare lots have zero or negative value since existing inventory can be bought for less than replacement cost then.. its a tough one if they are adding value to the price of the home.
out our way extra lots are GOLD and highly sought after.
I wonder if I can make some type of arrangement and wrap the two properties together to which we both come out as winners.
You could rent it out as a parking space, depending on the kind of buildings that surround it.
@Marian Smith , the cost of the property and the cost of buying a mod or tiny house did not add up as a good investment.
@Nightingale Daniel, the area is in an all residential area, most of the properties have parking on their lot. I guess it is worth consider parking for RV, boats maybe.
@Jason Dillard , I would've totally taken the property if the lot came along with the property, but the duplex was being sold at a good price with the catch that the empty lot be purchased as well, and it was $36K more.