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Updated 10 months ago, 02/16/2024
what should I do with vacant lot
I have a half acre lot that's vacant in a new community that is growing really fast. I just finished paying it off but am having a hard time on what to do with it. It's worth about 65k. I live pretty far from this property (45 min drive) and don't know whether to put a mobile home on there and rent it out, build a home and rent it out, fence it and increase curb appeal, or sell it as is and invest in rental properties closer to me in North east harris county. I am new to the real estate scene and would greatly appreciate some insight on this.
@Steven Aviles
My recommendation would be to sell it and use the $ to buy cash flowing property.
If you put a trailer in it make sure first if it’s even allowed by zoning.
- Chris Seveney
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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- Austin, TX
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#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
Your options are not limitless. Look at your deed restrictions and it will tell you what you can and can’t do on the property.
#2 Mobile Home Park Investing Contributor
- San Antonio, TX
@Steven Aviles It would depend on your overall goals whether you're looking for cash flow or want to just receive cash on a sale.
If you decide to put a mobile home on it, it's best to check with the zoning department regarding restrictions (if any). Also, there's a process which will cost money to put a mobile home on top of the lot including movings costs, hook ups, set-up fees, etc.
If you decide to go this route, it's best to do your due diligence first and gather all of the information regarding the costs before you do anything. This way, you'll know what you're getting yourself into.
Another option is to see what other lot owners in the area have done with their own lots. Usually, it's a good indication of the market if you can spot any recent activity in this area.
Personally, I have properties which are within that drive time (45 minutes) which is not a big deal for me. Anything over a 2-hour radius would not work for myself. Though, it depends on you.
Just a couple thoughts. Hope that helps!
@Steven Aviles DM me the zip I can take a look.
Quote from @Rachel H.:
@Steven Aviles It would depend on your overall goals whether you're looking for cash flow or want to just receive cash on a sale.
If you decide to put a mobile home on it, it's best to check with the zoning department regarding restrictions (if any). Also, there's a process which will cost money to put a mobile home on top of the lot including movings costs, hook ups, set-up fees, etc.
If you decide to go this route, it's best to do your due diligence first and gather all of the information regarding the costs before you do anything. This way, you'll know what you're getting yourself into.
Another option is to see what other lot owners in the area have done with their own lots. Usually, it's a good indication of the market if you can spot any recent activity in this area.
Personally, I have properties which are within that drive time (45 minutes) which is not a big deal for me. Anything over a 2-hour radius would not work for myself. Though, it depends on you.
Just a couple thoughts. Hope that helps!
Quote from @Ron Dancy:
@Steven Aviles DM me the zip I can take a look.
Sorry for the super late response. If you're still willing to give me your opinion, the Zipcode is 77327.
Looks like you've got a promising half-acre,let's weigh your options. Mobile Home Parkin' is quick and budget-friendly, but be wary of lower rental rates and zoning issues. Build to Rent promises higher income and appreciation but demands a significant upfront investment. Fence and Sell offers a swift sale with minimal investment but skips potential rental income. Selling and Investing Closer frees up capital but might miss out on the growing community's appreciation. Consider your goals and ponder key questions about risk, involvement, timeline, and comfort with remote management to make the right choice for you.
Quote from @Steven Aviles:
I have a half acre lot that's vacant in a new community that is growing really fast. I just finished paying it off but am having a hard time on what to do with it. It's worth about 65k. I live pretty far from this property (45 min drive) and don't know whether to put a mobile home on there and rent it out, build a home and rent it out, fence it and increase curb appeal, or sell it as is and invest in rental properties closer to me in North east harris county. I am new to the real estate scene and would greatly appreciate some insight on this.
I reached out via pm.
Quote from @Steven Aviles:
I have a half acre lot that's vacant in a new community that is growing really fast. I just finished paying it off but am having a hard time on what to do with it. It's worth about 65k. I live pretty far from this property (45 min drive) and don't know whether to put a mobile home on there and rent it out, build a home and rent it out, fence it and increase curb appeal, or sell it as is and invest in rental properties closer to me in North east harris county. I am new to the real estate scene and would greatly appreciate some insight on this.
sell it and invest reinvest the same money in a downtown market like Columbus. you can get a 60k plot of land and get rezoning application to put a stacked triplex that we build. let someone help you who's sophisticated. you already have the equity. land isn't worth anything unless you can build it. our product is posted in marketplace
- Robert Ellis
Quote from @Steven Aviles:
Quote from @Ron Dancy:
@Steven Aviles DM me the zip I can take a look.
Sorry for the super late response. If you're still willing to give me your opinion, the Zipcode is 77327.
Question; does the property has utilities?
1. Replat / Subdivide to small lots and sell with utility hooks
2. Sell land and reinvest into multiple deals / projects
3. Secure construction loan financing to build duplex / multifamily (Would need to know the local comps)(Easier to get a construction loan because you own the land)
4. Tiny homes (For the homeless, senior living or military veterans
Just to name a few