What to do with an empty lot?

[Ray Johnson]

Hello!
Not sure which forum to ask this question in, so moderators please move if you need to.
I searched the forums, but didn't find the exact question I was looking for.

What would you do with an empty lot inside city limits?

The lots are in a part of town where alot of the houses were demo'd 6 or 7 years ago. The area is now coming back with some new construction and rehabs. It's not uncommon to see a house about to fall down with a family living in it, next to a burned out house, next to an empty lot, next to a brand new house with a Lexus parked in the drive way. Not sure if this is common across the states or not, but if you could get a lot dirt cheap - $100 to $500. Would you want it? What would you do with it?

- Try to sell the lot again?
- Build and sell?
- Build and rent?
- Hold on to it?
- Try to move a MH onto it? (some of the lots are zoned differently)
- Run away?

Thanks for any insight. I am definitely new at this and wanting to learn. Still not sure what kind of investor I want to be when I grow up.

Ray