Updated almost 8 years ago on . Most recent reply
raw land what should i do
hey fellow investors hope all is well , I am fairly new to real estate investing. as i was driving for dollars I found a lead for a house with a motivated seller. The current house is attached to two additional lots ( undeveloped land) and she wants to sell them all together. The house itself is a 6/4 which could be rehab into 3 separate units based on the current floor plan.
my question is how do i analyze the value of the raw/undeveloped land ( the two attached lots) in order to make my offer??. In order to convert the house into three units it will need at least $ 105k in rehab.
I believe a savy investor can turn the current property into three units plus develop the two l0ts and build two duplexes or two single family houses ( arv for the area 2/2 130-140k 3/2 160-185).
most houses in the areas are rental properties although is a very convenient area close to all major highways, MLB Statium and 15-20 minute drive to city capital (Atlanta).
i would like to wholesale this deal or possibly partner up on the deal.. any advise or input will be greatly appreciated. Thank you in advance.
Most Popular Reply
As for the vacant land it really depends on what you can put on it. Since you plan to wholesale instead of building yourself I would suggest doing a little code/zoning research and see what your limits are. If only for the purpose of negotiating and convincing others to buy based on your speculations of what you can get once built out.
i.e. if lots are small and set backs are large then it might only limit those lots to the SFR or really small duplex instead of a 4-plex.