All Forum Posts by: Keyan Price

Hey Jonathan,

Have you considered buying the larger 13 acre lot for the $300k, removing the two mobiles and doing some new construction?  That is a big chunk of land and depending on zoning and such, you might be able to sub-divide and build+sell several houses.

That said, no idea if that is a viable option as I'm not familiar with your market.  Just spit balling ideas here.

Keyan Price

So, the basic idea is this:

We currently live on 9.4 acres in Skagit County, WA.  We really only use the front 1-2 acres, the rest is lightly forested and brush mostly.  To the South of us is an additional 9.8 acre lot owned by an out of town individual who I believe is in his 80s.  We are zoned Rural Reserve with a 10 acre minimum so subdividing is not really an option.  Both properties are near the end of a gravel road but well situated only a 5 minute drive from town.

Looking into the zoning allowances, we would have to apply to the county hearing examiner for land use to use the property as a developed campground that would allow the building of cabins.  The idea would be to build approx. 10 cabins on the back 5 acres. When I say cabins, I am thinking tiny houses that will have two beds each. After that, we would buy the south 9.8 acres and build 10-15 more on that.

Running basic numbers, they look really good if each cabin costs $100k to build, we would be looking at 30-40% ROI depending on vacancy levels.

I'm seeking mentorship to help me through this process, I have never developed land like this although in my youth I worked maintenance in a campground and in my adulthood I have renovated one home and built another.  I have some contacts in construction but I'm a novice when it come to land use permission from the county and that sort of thing.  We have lots of Ideas but could use a experienced sounding board to bounce them off of and point out where I'm making mistakes.

My wife and I both have excellent credit ratings but I'm not sure if a conventual bank would be willing to loan on something like this.  To that end we are considering bringing in additional investors to raise the money but this would also be our first time doing something like that so guidance is welcome.

Please feel free to message me if anyone is interested in mentoring me or that is interested loaning money or investing in this sort of project, there are A LOT of hoops to jump through but the big one is getting the land use authorized and part of that is coming up with a development plan.  So that is step 1 I think.

Thanks,

Keyan

Hello bigger pockets community! I'm a new investor looking for my first deal still. Located about an hour North of Seattle where I live on 10 acres with my wife, 4 children, and two dogs.  I'm currently thinking of maybe doing fix and flips locally to build cash reserves with long term holds in better cash flow markets.