Charlotte, NC · Member since 2010 · 11 posts · 1 vote
Hello Group. Just starting to get back into BP. I got stuck holding a vacant lot back 10 years ago in Garfield Park area of Chicago. There were a ton of city owned lots that were going for cheap so selling was impossible. Does anyone have any strategies for getting rid or making a deal for a vacant lot to at least get the $49K mortgage. It is just sitting and obviously taxes, upkeep and monthly interest payments without any revenue is draining.
1. Talk to the neighbors. Do any of them want a side lot? Accessory Dwelling Units will soon become legal in Chicago. A neighbor might want to make some money from putting an ADU on it, or at least preventing the lot from being developed in a way that person doesn't like.
2. Find out what is selling in the area and for how much. Also, find out who is building in the area. Go to the builder, offer a deal: Build a house on speculation you supply the land, he supplies the house. No, you will not get half of the profits, but you'll get a chunk of them, enough to cover your nut.
Charlotte, NC · Member since 2010 · 11 posts · 1 vote
6y
Didn't know that about the ADU's. I did talk to the neighbors but they aren't interested at my price. Good idea with the builders. I will check. I don't think there is a lot of new construction but I will drive around next time I am in town. Maybe I can find a builder interested and can start in the spring.