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Updated almost 7 years ago on . Most recent reply

User Stats

18
Posts
6
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Diego Figueroa
  • San Diego, CA
6
Votes |
18
Posts

Need Advice on a Subdivision Opportunity!

Diego Figueroa
  • San Diego, CA
Posted

Hey BP! I'm a Wholesaler in San Diego County, California; and I'm currently having a bit of trouble figuring out how to market a deal I'm getting under contract to Cash Buyers. If there are even Cash Buyers for this kind of deal.

So the basics of this deal are the following:

The property is in Fallbrook, CA; in the Morro Hills Community.

The property is 13 acres large, right in the middle of a "high end" single-family residential area; whose properties average between the 950k-1.2M pricetag(Each property is just about 2-3 acres large with these prices). This property also has a tentative Parcel map with 5 parcels, with 2-3 acres each parcel, you could build 4 homes on this. 

The house itself isn't all that great, it's 3 thousand square feet, but nowhere near as luxurious as the rest of the homes in this neighborhood in terms of design; and I'm getting this for $1,250,000. 

With all useable land and fertile land(With the exception of Grand Oaks which cannot be cut down; which may serve as an attractive part about the "Community" if several homes were to be built on the subdivisions),  2 water wells, 2-inch water meter and all the utilities; how difficult would it be to find a developer to pick this up, have the deal assigned to, pay closing costs, and pay in cash?

I have no idea how to find developers that would build luxurious homes in a community like this, and wonder if they'd bend over backwards to pay for Backtaxes, Closing Costs, a wholesalers' assignment fee, and close within 2 months! I feel like I'm hoping for a miracle here because I've heard how difficult it is to get a subdivision done, and the time it would take to build 4 homes. 

Any advice, tips, or hard reality checks about this kind of deal would be greatly appreciated! 

Most Popular Reply

User Stats

167
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127
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Michael Hacker
  • Investor
  • Phoenix, AZ
127
Votes |
167
Posts
Michael Hacker
  • Investor
  • Phoenix, AZ
Replied

You may want to check with @billy bell to see if he has any connections in southern cal for a property like that.  Not sure why the callout isn't working but he'll come up if you search BP for his name.

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