Wholesaling Land (Chicago Area)

[Will Chung]

I had someone called me about a residential lot they were thinking of getting rid of.  Currently there is no livable structure on the lot.  They had started construction but its still very primitive.  The lot is in a residential area.  The structure cannot be used so we would have to demo it or account for the demo in our deal analyzer.  My team and I were thinking of possibly putting the lot under contract to see if we can wholesale the lot.

Currently on market for $37.5k and owner purchased it at $21k.

Anyone else have dealt with this type of situation?