All Forum Posts by: Adam Webb

I'm looking at 7 acre property with a 29k sqft house on it. (I want to remodel and occupy) The property is obviously worth whatever a developer would pay for the land, knowing that he could make a profit subdividing lots. But an appraiser would not value it that way correct? Do they use any evaluation method other than comps? If they do only use comps, what do they do if there's no comps? Lets say the closest comp is a 3.5 acre property with a 15k sqft house on it. Would the appraiser just double the value? Thanks for your insight!

Hey Bret. Not yet. I got bids on the project. I’m trying to fully vet the city and make sure I’m not missing some reason they would deny the project AFTER I’ve spent money you know? Lol. And honestly I haven’t done that since covid started. It got put on the back burner a little bit. You ever done a flag lot?

I like to hold and rent long term. Springville won’t let me build another duplex unless it’s a separate lot unfortunately. 

Wow thanks for the info! Ok two questions. Are you glad you did it? Second question. Any other ideas of how to capitalize a chunk of land then? I own this whole rectangle with this little duplex in front. What’s outlined is what I’m trying to flag lot. 

I have a duplex on an acre lot in Springville. I’m trying to make a flag lot and build another house. Any recommendations on surveyors or engineers? Any advise or things to watch for? This is my first time doing any development or changing of lots!

I bought a duplex with lots of land that I unfortunately can not build on.  Does anyone have any experience buying shipping containers??  I want to put some back there and rent them or use it as an up sell on the rent.

@Ian Walsh  I always have last months rent and require tenants to give me a months notice before vacancy to get their deposit. So I’ve always had a month to turn it over. I wondered if the fact I was able to rent it so easily meant I was bathing to little but I also am in a college town full of young married couples and it’s fairly close to the university here so maybe it is at market rent Iran Justin in a great area

super helpful. I was stressing about maximizing rent but from what everyone described as long as I’m in the range I’m good. And even if I’m charging slightly  lower than I could, there are some actual benefits to that.  Love the different opinions on this

This is amazing feedback thanks everyone.  You’re right @Michael Badin for me the past few years being super busy with my job and needing to spend as little time as possible on my real estate business, less headache has been a good exchange for slightly less profits.