Vacant Lot, Experienced Builders, need advise

[Jason Farmer]

Greetings BP

I just picked a a huge 9,000 sq ft vacant lot in the city of Orange, near Santiago Community College, its a very nice part of the city, in the canyons, a lot of beautiful and expensive homes along the hills.

I have been wholesaling for about 3 yrs, and just started rehabbing last year, I wholesaled the house next to the lot, and it just so happen the same seller owned the lot next door, so he calls me a month later, tells me he is leaving Ca for good...he 85 years old and just wants to sail.....and so he sells me the lot for 125k....unbelievable. 

So i put this lot out to my buyers at 225k.....I had the most insane response ever, emails, calls, text, these guys are acting like wild animals, my #1 buyer offered to buy me a redhead and a brunette at his expense...LOL ...so this tells me i might be sitting on an opportunity...Now my question is should i keep this thing and attempt to build on it, or take this fast money?

Whats the process in building? Where do i go next? Should i offer this as a joint venture? Is it worth it in todays market? Would i be in over my head?

My brothers a broker, and i have decent reserves, and great credit, so getting a construction loan wont be difficult...it may be a challenge but not difficult

3 closest comps, 799k, 865k, 878k and none of these properties were rehabbed all of them needed full gut..

I know theres so much in between but just looking at the surface to start with

Advice from some builders....

Thanks in advance

[Brett Synicky]

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@Karen Margrave