Vacant land lot for duplex construction in Cape Coral, FL

[Arelis Fernandez]

Hello to all BP community,

My husband and I are new exploring the real estate investment, after reading some books for Robert Kiyosaky, this forum, and the BP Ultimate Beginner guide.

We are living in  Miami, and went to Cape Coral looking for better price an opportunity to start. It is very nice place and it is growing fast. We are interested to buy a land lot (cash) and then get a loan for a new duplex construction to hold and rent for  cash flow.

More information about us. We are in our fifties. Full time employee, w-2 income and we already have a mortgage for our home. Any advice will be very appreciated. What do you guys think?

[William Glass]

Hi Arelis, 

I am an investor in Fort Myers and have had similar thoughts. I bought a piece of land for development in Fort Myers and found a builder and lender, but instead focused on a few other deals. I have a piece of land I am waiting to develop and have spoken with a few different builders in North Fort Myers and the Cape. 

The downside to new construction development is the time it is going to take to build the property and having your capital locked up in the deal. 

Are you planning on flipping this property or keeping as a buy and hold? 

I think defining what your desired outcome is for real estate would be a good first step and help determine whether building a new construction investment property makes sense versus finding a different opportunity. 

Cape Coral is very popular right now and a lot of other people have the same idea as yourself in terms of building a new construction property. Have you started looking for land that is zoned for multi-family? I'd also be aware that there are a lot of assessments being done in the Cape so be sure to do your homework on if those are paid or not.

Hope that helps!