What to do with lots

[Michael Abernathy]

Hello BP community.

Over the last year I have acquired seven lots. Three are in St. Augustine FL and four are in Hutchinson, KS. The St. Augustine lots are going to take some work, so I am going to focus on the Kansas lots.

I “purchased” these from my mom. The reason I quoted purchase is because one day I get a text from my mom with a picture of a letter from the county. They were going to sale her house due to back owed taxes, $5,300. I told her I would pay all the taxes and fees, but she would first need to sign the house over. She is family but if you knew my mom, you would understand I was just protecting my money. As soon as I got the okay from the attorney, I paid all the taxes. I pulled the house up and it sits on a very large plot which is four lots. Her house and garage take up two lots and the other two are grass that I pay to have mowed.

I’d like to get some sort of money coming in, but I am not sure how to approach it. It is not in a very desirable end of town and prepping the lots for a trailer and renting the pad is an option. Another option could be putting in two manufactured homes and charging rent.

I am just not sure of the costs associated with each option are how to evaluate the two.

Any advice from the gurus?

Thanks,

Mike

Below is a picture showing the lots that I own and how they are configured across the street in yellow.