All Forum Posts by: SCOTT WALKER

Doug, thanks for the links. I'll check them out.

I'm definitely hoping to have my cake and eat it too! Considering I don't have a lot of money invested, I'll be able to take my time with it and make a decision where hopefully everyone wins.

Noble idea but my kid is only 1 year old. I've thought about turning it into a small park/playground so she'll have it to play at as she grows. At this point I'm more interested in making a profit. Keeping all options open though.

Sounds good, thanks again!

Thanks for the feedback, Matt. The twist to this whole story that I left out is that my future Mother-in-Law is the neighbor. As you can probably imagine, she has been very particular with what goes up on that land and who goes into it. I would love to drop a trailer on it but if I want to stay on her good side, it will have to be prettier than that. :)

I'm new to this forum, so forgive me if this is better discussed in a different section.

About 8 months ago I bought a residential lot in an older, low-income neighborhood in Wichita KS. A few weeks prior to my purchase, the house that was sitting on this land nearly burned to the ground, leading to it being demolished and the land going up for sale. The homeowner decided to move to another state and told me he would sell the land to me for $1,500. I checked with the county and the land appraised for $10,800. With the potential ROI numbers buzzing through my head, I couldn't see any reason not to take this offer; so I did.

Now that some time has gone by and I've generated practically zero prospects with my land FSBO listing, it's beginning to dawn on me that this land is probably not going to sell without some more money and work on my end. As I mentioned, this is a low-income area that someone looking to move to is most likely not going to have the time or resources to build a home on it. The houses in the neighborhood were built in the late 50's/early 60's and I would say the average home value is somewhere between $70k-$80k.

It seems that the only reasonable home to put on this land would be a modular home. I've called pretty much every builder in Wichita and this is what they've suggested since no one really builds homes here for the price range this neighborhood warrants. I think a MH would fit nicely in the neighborhood and wouldn't have to worry about its value decreasing.

Now that I've told my life story, I've come here to get some feedback on whether I'm on track with this thinking or if I have no idea what I'm talking about. I have no experience in real-estate, if you couldn't already tell, and am hoping someone can offer some guidance in this scenario.

Should I build a modular home to sell or rent, or do you think that'd end up costing more than I've already put into it?