Building second house on current rental lot to sell
Hello all, I’m new to bigger pockets and had an idea I wanted to throw out there. I currently have 2 rentals in the Tampa Bay Area. One of my rentals is on a lot that should provide enough room to build a second 1000-1500 sqft home. My idea is to split lot, and partner with a builder to build a home and sell it, splitting the profit. The area is becoming more desirable with some really nice comps. From what I have studied about this type of thing a builder will do this with an upfront fee (15-20%) and then we split profit of Sale. Now I’m talking basic house, no real bells and whistles just a solid, affordable 3/2 keeping costs as low as possible. I’d like to sell and not rent because a 120k (cost to build) house will not support a very profitable rent. Any one done this or in TB area have any suggestions.