buy lake lots and build

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I am planning on attending a land sale for lake properties. The sale is being run by a land holding company. All of the lots are guaranteed  buildable with no time limit. The lots have underground utilities and will be tied into county water at a low cost to the buyer (700.00). The land holding company will have bank financing on site and also have builders you can work with or you can use your own builder. I would like to buy the land and build a retirement home, contemplating renting out for a vacation home prior to living in. Also, considering buying a lot to build a house and sell.

Has anyone done this kind of thing and would you recommend it? Is there anything I should be aware of prior to viewing the property?

One other thing. There are HOA fees involved with the lots.