All Forum Posts by: Chad Forgue

Very late to posting this update, but better late than never. I ended up selling the larger lot for 25k, and am still sitting on the smaller land locked one. I don’t have any plans in the near future for it, but I’ve been continuing to search for more deals to build off of what I’ve done so far. Thanks again to everyone for the input.

@Mark Taliercio It looks to be around 25k-30k. The most recent sale in the area was 28k one street down a month ago. There currently aren’t any others listed though besides some >1 acre lots near the water. They seem to sell relatively quickly once they’re listed which is a good thing on my side.

Edit: There’s actually one listed in the area for 50k when I just checked. Maybe that could help me get a little more of a premium for mine :)

@Thomas Mattausch No, drove down to meet the guy at his house in South Florida and he gave me a quit claim deed. Not as safe, but he’s a lawyer which made me feel a little safer about it and he told me in advance about back taxes owed on it and gave me the check to pay them. Already deposited the check and it cleared and going to register it tomorrow.

@Grant Rothenburger That is true and is something I may pursue in a future deal, for now though having more lots wouldn’t give me any more equity in the properties and I don’t have the capital to do something like getting utilities put on all the lots and renting them out, so I would keep it in one piece. 

As far as networking I can always give it another shot. I’ve tried doing this for other businesses before such as flipping cars, and a photography/videography business I started mainly in the real estate industry. The problem I faced with both is no one seems to have any faith that a kid still in high school can pull off running something like this. Both of those businesses I am doing successfully as well now, but it mostly took saving on my part by doing even smaller things such as flipping iPhones to get them going. I’ll give it another shot and appreciate the encouragement just figured I’d throw out my past experiences.

@Jacob Price I see what you mean, that is a pretty good ROI for nearly no maintenance I was just comparing it in my head to if I put I home on it and the lower rent didn't seem as appealing.

And as far as access it is actually the corner lot on Coyote Trail and Fawnridge drive if you reference the area. I didn’t even mention that the guy threw in a smaller 0.4 acre lot in my original post though because of that. https://www.zillow.com/homedetails/Fawnridge-Dr-CHIPLEY-FL-32428/103549174_zpid

As you can see this is the lot and it’s currently land locked so I just planned on listing it for 6-7k to free up some money to potentially put into the bigger lot.

@Jacob Price Thanks for the tips.

To answer the first concern this area does allow zoning for mobile homes. It’s actually one of the few areas that allow them, which is why a lot of land in the surrounding area sells for a quarter of the price. 

As for the area I wouldn’t say it’s super desirable, but I would say around half the land in the area has been developed, so it’s not completely isolated. I’m not sure if you have any insights as to the construction cost, but one nicer home was built in the area and it sold for $78 a square foot, which I think would be close to the cost of building one. This is abpossibilirt though if there is some margin. Here’s the link to the recent sale right down the road. https://www.zillow.com/homedetails/3183-Woodymarion-Dr-Chipley-FL-32428/87671070_zpid

And then I like the idea of reaching out to someone to move their home. Not sure how that would work as far as cash flow since lot rent in the area is somewhere around $300 a month and I would have around $10k in it after all is said and done. Along these lines I thought of posting a sign and on Craigslist, offering to move an unwanted mobile home and then owner financing it to get more out of the property on top of the lot rent.

@Grant Rothenburger As I also mentioned to Naomi I don’t think subdiving it would be possible with the the zoning laws in my area. 

Partnering was also I thought, but I only know one person with enough to potentially do this and when I brought up the land and mentioned the budget issues I was having yesterday when I happened to see him, he didn’t seem very interested so I didn’t pursue it any further.

@Naomi Pinger The thought crossed my mind, but since I could barely get the money together to have single utility hookups, I doubt I could afford to get it to being an RV Park. Also I’m not 100% sure how to check, but I know most communities in my area have rather strict zoning laws and this would probably be an issue I’d run into.

Thanks for the thought though.

Thanks for the advice Daniel, I’ll be sure to check out his channel.

Hey everyone!

My name is Chad and I just acquired my first property on Sunday. I had a Jeep Wrangler I traded for a 5 acre property in the Southport area in FL.

I’m only 18 years old so this is all very new to me and would appreciate any advice anyone has to offer. Right now I’m debating between trying to sell the lot as it is to get some capital for other investments, or putting a mobile home on it to rent out. I received some quotes on getting the utilities and septic on it, and I’m looking at about $10k to get it going minus the $4k or so worth of timber I can have removed.

From here I still would need a mobile home, which I wouldn’t really have money left for after the utilities are setup, so if anyone has any advice on picking up a mobile home free or at a low cost it would be appreciated as well.