Investor · Cary, NC · Member since 2015 · 71 posts · 26 votes
I own a small rental house, and adjacent empty lot. Another investor who owns owns the lot behind mine, contacted me to sell the empty lot to him, or buy his, since he doesn't have street access from his lot.
Empty lots starts pretty close to the wall of the house. Normally I would prefer to sell both together (thats how I got it) since house would not have much room around without the empty lot.
But since all I have been doing is paying property taxes on the empty lot, not averse to selling either.
Anything I should be careful about in this scenario? If I sell only the empty lot and keep the house, could anything pose problem for me later on? On surface seems like a simple scenario, but this is the first time I had to think about something like this so trying to make sure I have a better idea before I make decisions.
That area is slowly getting gentrified, prices in the area expected to increase, as usual speculation.
Surely if a lot was created, there should be some access planned. I'd find out from the city how his lot is meant to be accessed when it is developed and if that affects your empty lot. Talk to the city about options. Maybe there is a way to split the lot, so you keep the half closest to the house and he buys the other half.