Buying empty lots

[Fillipe Silvas]

My boss at work is considering buying empty lots and having a foundation poured for a house/building then reselling as is. I am brand new to REI so I do not know if this sounds like a good idea or not. Helping him with this could be my way in to this world so I was hoping for some input from more experienced investors.

[Justin Fox]

@Fillipe Silvas

I wouldn't do that.  Poured foundation is going to have a particular sqft and possible non-square layout.  May end up being too small or too big (expensive).   If you can find cheap lots and build while either doing brunt of the finish labor or the GC'ing, sure.

There are pros to building new.  You'll have new systems and if it's built in a decent area, will most certainly appraise for 100+/sqft.