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Updated over 3 years ago,
Vacant lot. What would you do?
My husband and I are rookies but very interested in buy and hold real estate. Recently, I've been sharing our (my) goals with my father-in-law. He has offered to sell us a vacant lot at a huge discount to help us get started (he paid $10K and is willing to sell it to us for $25K - will be worth $100K+ once water/sewer is run to it). The lot is adjacent to a brand new single family home neighborhood with homes in the 300K-400K range.
My question is - what would you do with the property?
1. Just run water/sewer to it and sell it. (Essentially flip the lot to get cash for our next property)
2. Build a single family home and sell it. (FIL is a licensed home builder - so it's possible we can get discounts again - immediate equity)
3. Build a Duplex/Triplex and rent the units. (We just built our home, so house hacking is not an option for us)
4. Pave a large portion of the lot and rent out parking for RVs, Campers, Boats for the nearby neighborhoods (HOA doesn't allow large vehicles in driveways/street parking)
5. Other???
Again - we're brand new to investing in real estate and my FIL is anxious to help us get started (he is set financially and selling the property to us so cheap is a gift). We are guessing that it will be somewhere around 10-15K to get water/sewer run there. I haven't done much research other than that - came here first for an idea of where we should start.