Oh wow...all my pretty formatting went away. Now it's going to be a pain to read! Sorry..
I don't know your market, so there may be factors of which I'm unaware. That said: yes, you should absolutely talk to other realtors- at least three. And they should show you the comps that they used to come up with their suggested asking price. You're under no obligation to pay a realtor until you've signed a listing agreement with them.
The tax assessment really doesn't play into it at all, that can be way above, or way below, the current market value.
I can't see any way that this would be a good cash flow property, frankly. Sometimes it's just best to move on.
Jean Bolger, 33 Zen Lane | http://www.solidrealestateadvice.com
that land is very valuable.
You can consider sub diving and selling parts.
Also talk to buildings and ask what they will offer......they love to buy without a realtor so they might give an offer.
Scott and Roy on bp in Alaska are pretty good with lot zoning issues.
Sorry, if it doesn't cash flow....I have to dump it......or refi and use it to make a fourplex and the fourpelx will sale for 600k+ in that area.
You're absolutely right, and sometimes it is best to just walk away. As this property sits there is no way I can think of to make it cashflow. I guess I knew that on some level and I was just trying to force it. As a new investor, struggling with creative financing, building and tenancy options was a good exercise. I also got more familiar with the idea that a real deal probably won't be this hard to spot and just how much of your time and energy can be consumed when you get carried away searching for a deal in a property. ;)
Those are great ideas. It is a great piece of land, and I would like to have it, but as I am just marrying into this family I don't think I would make any friends by tearing down the house. Plus, I like the house and the large lot in a central area...but yeah, at this point I have concluded that whatever we do with this house, it's get very little to do with BP or my investment life.
Thank you both for the great comments!
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