We own 3 acres of land out in floresville, TX. We occupy 2 acres. The 3rd acre we are considering two options.
1. The property has 2 RV hook up spots ( electrical hook up, water and septic) all installed by us. We planned on renting out those spots AND putting a small barn/cabin style home on the property and renting that as well. We have not gotten permission to do this just yet, but the cash flow could be really good, we’d GC the build of the house on our own because we have connections for just about every aspect of the house. Once home is built , we’d refi the property and get our investment back more or less and. At this time the property has no foundational structure on it besides the water, electrical, and sewer . Without going into much more detail because I’m finding there’s much more to it , I’ll leave it at that.
2. now our second option is to sell the land. Either sell it outright , OR we have a offer on the table to owner finance it right now. Keep in mind we are yet to appraise the property for true value, but it is paid off and we have no need for it. My only hang up with this offer is 1. It’s the first offer that by chance , came from my dads coworker who just happened to hear in conversation we were selling some
Land or “planned on it” . Also Its a deviation from our original “bigger” plan. 2. My second issue is, he plans on owner financing the property (which is fine) BUT he wants to put a NEW mobile home on the land.
SO bigger pockets family , IF we accepted this offer, and he DEFAULTS on OUR land. What happens with the mobile home? How could we , if at all, legally structure this deal to save ourselves from what seems to me could be the most difficult eviction possible . Given we’re not just kicking him out of our home or property, we’d respectfully ask him to pack up his family, objects AND house?
Your thoughts and any experience please!
And thank you!
Your could use a land contract (contract for deed) and state he cannot build and move onto the land until it's paid off. Double check with your state laws but in general this can keep it as an eviction or forfeiture instead of a foreclosure.