Just acquired 6 lots from city. What to do?

[John Cumpton]

Here's the story. After buying a home for myself I inquired at the city hall about some empty lots on the same block. Turns out the city owned them and were up for bid. City manager gave me a list of others in same town that I investigated.

I bid on six of them for 1k each. Looks like I own them now.

My first thought was build small single family homes on each and try to sell on spec. Construction cost of new home seems to nix the numbers for a decent return. Putting Mobile homes in and renting has better #s but no appreciation and tend to be trashed out after 5 years.

Or? Just put them up for sale, a comparable lot is for sale for 5k.

I'm new to the real estate world of investing but have made my first step, would appreciate advice on next move.

[J Scott]

Most likely, there is a reason those lots weren't bought by someone else if they were publicly available when you purchased them.

Perhaps offer to sell them to neighbors who are interested in expanding their property?  Or sell them via seller-financing to someone looking to build on them?