Is there a way to wholesale an unfinished subdivision??

Question

Hey everyone I am a new investor looking for some advice. I was out scouting for vacant houses when I came across a 10 year old subdivision where all the homes have been built and sold except for the very last street. Here there are vacant homes from 90 percent complete to just foundation being laid.  these homes have been vacant for some years with no signs of the developer coming back. is there a way to get these houses under contract and wholesale them off to someone who can finish them and flip them?? and how would an investor go about doing this??

J. Martin · Answer

Anything is possible!

You can check with a title company on who owns the lots. Probably a defunct or out of cash builder. May owe the city a bunch of taxes. The trick will be finding the buyer or hook up a new developer and private money. But this may take dual negotiations with the city and the owner if there is a big overhang of taxes.. The city might take a haircut though if they can get them developed and start collecting revenue on them instead of having vacant partially completed properties that often add to blight/squatting..

Good luck!

Wayne Brooks · Answer

If they are still sitting there idle, there are problems there that more experienced people than yourself could not cure.  If you want to spend some time learning about undoable deals, go ahead and delve into it.  Otherwise, I'd look for more typical, lower hanging fruit.

Jeremiah Lopez · Answer

J Martin you've helped me out a lot with this answer and giving me a starting point. thanks for the info!!