Starting Out! 1 investment home and 1 empty lot

3 Replies

Hello everyone,

New to the real estate game but very optimistic about learning more. I am currently in process of getting my real estate license, I think I finally found my passion! Working on making this a full time thing in the future in the near future.

My short experience consists of one investment property which I own with a business partner. We Air BB the property and the numbers have been great. The home is by the University of AZ which helps a ton!

Second property I currently live in but will be a future Air BB property. With this second property I have split the lot and not sure what the best move is. Thinking about selling the lot worth about 30k and having capital to work with for future projects which is what I lack. Another option is building a home on the lot and Air BB both properties in the future. This lot is about 8mins from the University and downtown and only 4 mins from the first property. Again not sure what the best move is. Would hate to miss out on long term income by selling the lot.

Anyone have good/bad experience with working with empty lots?

Glad to have finally looked into biggerpockets, excited to learn some more!

It sounds like you're off to a good start! 

Building can be a good strategy especially if inventory is low in your area (as it is in most). I'd suggest making sure the numbers work not only for AB, but as a long-term rental, and a sale. Multiple exits help hedge for risks. 

@Chris Bounds thanks for the insight Chris. You think talking to contractors and lenders and begin price comparisons? As I stated earlier my only problem is lack of capital at this point. I really feel like this empty lot will allow me open my opportunities to more.