All Forum Posts by: Chris Sellers

Hi Josh,

Stanly county is blowing up.  I think there's a huge demand for higher end housing, which can make you a lot more money given the 1 house / 3-acre constraint.  Most builders are building lower to medium stuff.

Consider a multi-phase, high-end neighborhood plan for as much of the 110 acres as you plan to use. Include things like: minimum 3,000 sq ft, long set-backs, only high-end external materials, high roof pitches, etc. Create a semi-rigid HOA and ARB that are in your best interest. I hate these, but people who want to live in a high-end neighborhood expect them.

Partner with a high-end builder to do phase 1.  5 houses on ~15 acres that are part of your overall plan.  "Partner" with him.  Don't just sell the land and let him do what he wants.  You want to approve all the designs to ensure the high-end elements are there.  Builders will naturally want to save money and use cheaper external materials if they've already sold the project, even your friend.  It's human nature to cut these corners to improve short term profits; but you have to be thinking about future phases and maintaining quality. 

After these affluent buyers move in, you'll create huge demand for development phases.  You'll have much more leverage over the price to future builders.  You may switch builders or sell lots individually to allow a variety of builders in, following your ARB specifications to keep the neighborhood high-end and consistent.  Whatever makes you the most money in the long run.

You're in the catbird seat.  

All the best,

Chris

I love RV storage if the zoning allows, it's reasonably level and you're near a population that has RVs.  Just need a gravel lot, fence and gate.  

The ones near me aren't paved, don't have covered spaces, no attendants and they're all full.  Charge $125/mo per RV x 300 or so RVs.  Cha-ching.

Hi BP experts,

I'm looking for some temporary and permanent ideas for 3 acres on Hwy 200 just inside the Locust city limits on the Stanly / Cabarrus County border.  It's currently zoned Open Space District, allowing 1 house per 0.75 acres or "rural heritage" use.  When sewer comes there (2025 or later) I expect it to change to higher density.  Across the street in a neighborhood, lots are under 0.2 acres per house.  The city's long-term plan has my 3-acre lot as Highway Commercial District, allowing a variety of commercial uses.

The lot has about 650ft of Hwy 200 frontage x about 200ft deep.  I'm clearing it now, leaving a dozen or so mature oaks and some border trees.

I'd love to do something with it now for income (like self serve firewood sales or board your own horse stables) and get ideas for later.

Looking forward to all the great ideas!

Thanks, Chris

I recently purchased 3 acres inside the city limits of a smaller town just outside Charlotte, NC.  I cannot build houses on it until the sewer is expanded since the land failed the septic testing (projected in 2026).  I'm buying the land for a great price for this reason and plan to build 3-5 houses on the land to sell in 4 years (I'm a builder).

I'm looking for innovative ideas to generate income on the property in the meantime.  It's zone as Open Space District, meant to be residential or farm related.  Land on heavy traffic road and is surrounded by high density middle income neighborhoods.  

Some ideas I've had:

-Rent space for RVs, service trucks, heavy equipment and boats to be stored outside (if approved by city).  

-Horse boarding, self service only (city would approve, requires building a barn and fencing which would convey with a future houses).

I can install electricity, water and portable toilets (no bathrooms).

Looking very forward to your ideas!

Thanks, Chris

@Caleb Landry

Yes, a great one. Good luck!

Allison & White Property Management in Hickory

Thanks Bill.  

What do you use for tenant screening and leases?  

BP Community,

What's the best software to self manage rental properties?

I self managed properties up until about 13 years ago, then switched over to Professional Property Managers after my portfolio grew.  Unfortunately, I have 6 properties in a small town where I just lost my property manager (he's shrinking his radius to focus on his booming business near his office and doesn't want to drive to the hinter lands for me anymore).  There are no other property managers in that area willing to take on my lower income housing (only a couple realtors willing to side gig $250k + houses in nice, easy neighborhoods).  

Any advice on the best new software / tools to make life easier for me?  I'm sure a lot has changed in 13 years.  

Thanks!

Chris 

Marcos,

Try some of the BP Podcasts and articles:

Podcast 180: 58 Deals by Age Twenty-Three with Devan McClish

https://www.biggerpockets.com/renewsblog/started-r...

Good Luck!

Chris

Congratulations Oiluj!  Solid flip.  Keep doing them.

Chris

Charles,

Looks like a solid 1st deal to me, congratulations!

I'd be at the inspection.  Try and make some notes to calculate needed repairs.  I'm always most interested in foundation, electrical, plumbing and HVAC.  Also, when you do the rehab, you can save a lot of money by hiring the sub contractors and managing yourself (cut out the general contractor mark up).  

Good Luck!

Chris