Creative ways to sell an EMPTY LOT

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Creative ways to sell an EMPTY LOT

Travelle MasonPro Member
Rockville, MD · Member since 2018 · 93 posts · 28 votes

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?

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Dennis M.
Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
8y
Perhaps it’s big enough to build a small self storage building on ?
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  • Dennis M.
    Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
    8y
    Perhaps it’s big enough to build a small self storage building on ?
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  • Wayne Brooks
    Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    8y
    This is why they want you to buy it. The value will likely be much less than the seller thinks it worth.
    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y

    @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.

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  • Travelle MasonPro Member
    OP
    Rockville, MD · Member since 2018 · 93 posts · 28 votes
    8y

    Thank you @Wayne Brooks, @Jay Hinrichs and @Dennis M. for the feed back. I suspect the lot is a thorn in their side, hence their attaching it to a property with such juicy returns. 

    I wonder if I can make some type of arrangement and wrap the two properties together to which we both come out as winners.  

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  • Marian Smith
    Real Estate Investor · Williamson County, TX · Member since 2011 · 1k+ posts · 961 votes
    8y
    @Travelle Mason can you have a house moved onto it? someone would buy that and fix it up.
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  • Scott Williams
    Member since 2018 · 27 posts · 12 votes
    8y

    You could rent it out as a parking space, depending on the kind of buildings that surround it.

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  • Jason Dillard
    Real Estate Broker · Greer, SC · Member since 2013 · 548 posts · 271 votes
    8y
    @Travelle Mason if it comes with it, take it. Use it as option consideration on another deal.
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  • Travelle MasonPro Member
    OP
    Rockville, MD · Member since 2018 · 93 posts · 28 votes
    8y

    @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.

    @Scott Williams, 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.

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