All Forum Posts by: Thomas Fawole

@Josh Cuthbertson I never thought about that. Thank you for bringing up this point. I will look into it. I hope there's nothing earth-shattering there.

@Sarah Lorenz @Karen Margrave Thank you for your perspectives on the builder's possible role in this deal.

@Brent Coombs I hope we won't spend up to $400k to build a new home there. As things are now, in fact, it seems the vacant lot is over-priced at $180k. Thank you.

@Chang Pan Will do. Thank you.

@Scott Todd I agree with you. At the current retail price, there is no room for errors. Thank you so much.

@Jay Hinrichs If it's going to be hard to wholesale, I think I will just let it go. It's better to be safe than sorry. Thank you so much for weighing in on this topic.

@Karen Margrave Thank you for your insightful contribution. It is developable according to the broker but I still have to verify. It's 5800 sq.ft. It is currently level and is being used as a parking lot. All the homes in the community have been sold. They are relatively new. I believe they were completed between 2010 and 2013. I would prefer flipping the lot unless i'm able to partner with an experienced builder. I will try to get pictures of some of them as soon as I can. 

Thank you, Alvin. I will be sure to get some more information about this particular upscale community and the HOA, too. I appreciate your kind input.

Hi BP members. I would appreciate your opinions on this matter. I’m not familiar with vacant lots. I’ve read a lot about analyzing properties but not much about analyzing vacant lots. I came across a vacant lot in an upscale neighborhood in one of the big cities a couple of days ago. The houses in that neighborhood are in the $600,000 to $900,000 range. I'm willing to offer to buy it for $180,000. I called the broker who has asked me to send in a proof of funds. I believe I could wholesale it to a builder or partner up with a builder if the offer is accepted. If we spend $350,000 putting up the building, and we sell it for at least $700,000, the $170,000profit will be reasonable. I just want to be sure that buying this fairly expensive vacant lot would not amount to a speculative deal. Thank you

@Franco Li I'm glad you brought up the syndication aspect. That's something I'm working on now. I will PM you.

@Joseph Gozlan Awesome! Thank you so much.