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Updated about 1 year ago on . Most recent reply
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Does anyone buy land and advertise it with a spec home for sale?
Good afternoon,
I've dabbled in real estate investing, a couple of flips, a short term rental, etc. I just sold off my STR and was looking for other ways to invest. I found a great piece of property - off market. Perfect for a SFR. Not in an HOA community. I don't have the cash to build a spec home on it, but I could purchase the property and advertise it with a spec home for sale. I have a builder that is willing to do the build once buyer purchases. There are a few people in my area that do this. I wanted to reach out to a broader community and see what your experience has been with this and if there are any "Need to Knows" before I get started. Also, how profitable has this been for you?
Edited to add: I am also a licensed real estate agent and sell real estate full time
Thank you!
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Quote from @Sarah Davis:
Good afternoon,
I've dabbled in real estate investing, a couple of flips, a short term rental, etc. I just sold off my STR and was looking for other ways to invest. I found a great piece of property - off market. Perfect for a SFR. Not in an HOA community. I don't have the cash to build a spec home on it, but I could purchase the property and advertise it with a spec home for sale. I have a builder that is willing to do the build once buyer purchases. There are a few people in my area that do this. I wanted to reach out to a broader community and see what your experience has been with this and if there are any "Need to Knows" before I get started. Also, how profitable has this been for you?
Edited to add: I am also a licensed real estate agent and sell real estate full time
Thank you!
I've sold spec homes off renderings when the market is hot. I haven't really attempted since rates increased, but I'm about to on a few homes. It's tough because people don't have very good imaginations. So your renderings need to be on point. When I did it the first time we paid $3000 per house to have photo-realistic renderings made that incorporated all the finish selections we made. If you just put plans up with no good renders, plan on sitting on it for a loooong time.