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Updated almost 4 years ago on . Most recent reply
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Flip a vacant lot, need advice/details
Details being offered to me:
Vacant corner city lot. Privately owned. Sewer and water already ran by developer.
Being offered to me at $65K. Potential to have quick sell for $80-90, or hold until next spring and possibly sell for $100k (rough figures, but comparable or conservative to recent sales).
I would split this deal with a partner, who is bringing me the deal.
What are the major concerns/things to think about here? Holdings costs should be minimal, as we'd pay cash. Still working out closing costs, possibly paid by buyer when we sell. So, a possibility for a quick $15-20k, give or take. No? I'm aware of short term capital gains as well.
I'm generally a buy and hold multi family investor, so this is new to me.