What can I do with cheap lots?

[Luke Ache]

Hello from Alabama. I have been spending a lot of time on Realtor.com and there are plenty of cheap lots in Montgomery, AL in the $1000-3000 range. Some of them are not in the nicest neighborhoods but they look ready to build. Would it be worth to buy a few all cash and try to build low income housing on them? Please share your opinions and experiences!

[Jay Hinrichs]

look at homes in the immediate area.. if its in the hood like your describing you can buy existing homes cheaper than you can build them for even with the lot for free.. keep in mind build cost today.. unless your going to do ALL the labor yourself are basically 100 a foot sometimes a little less but not often.  so in many hoody locations you can buy existing for 50 a foot 60 a foot.. so why risk building.

Also in those areas theft and vandalism can make new builds a complete non starter. thats why the lots are sitting there. 

Now if you drag a MH in and place it cheap that might work.