Should I build

[Lawrence Cox III]

Hello everyone,

I am seeking some advice on a property I own. I bought a a couple of lots which or side by side from my uncle estate a few years ago. It is in a small town in south Texas, which is about 6 hours from where I live. I have contacted a local realtor about originally renting the property out. My idea was to rent only the property and allow someone to put their own mobile home on there and collect rent and have no maintenance.  But I found out through the city council that they do not always allow mobile homes in the city anymore. I would have to get signatures from a two block radius from all the neighbors agreeing to letting the mobile home be placed there as well as city council approving it. A-lot of footwork. So my next thought is maybe building a efficiency apartment. I have been looking at some blueprints where people have built them themselves for an average cost of 10k-12k. I would be contracting the build out myself. I know little about the area. The realtor has told me that there is hardly no rental property in the area. But it may do good because it opens a new market for locals to live. So, what other questions do I need to be asking or what do I need to be researching? She is basically my only contact there, in fact after going through several other realtors, she was the only one that would help me so far. She has stated that between her and her broker that they have vendors or contacts to local contractors who could place bids on whatever I would like to build. Do I need to research other contractors as well?  Is this too big of a risk to test a market? Or should I think more on the thought that "if you build it, they will come"?   I appreciate all the advice you can give.

Thanks,

Lawrence Cox III