All Forum Posts by: Account Closed

A little more information, the lot is located in a residential neighborhood. No condos, duplexes or any commercial buildings for miles. Of course that doesn't necessarily mean it's not possible to build something like that, i have to do more research there. 

There are several houses on the same street that are on 50x100 lots, the next street over has larger homes on double lots. 

Thanks for the information. I think I have to do some homework and figure out the financing. Hard money may be the way to go, the 1st bank I dealt with would only provide 1 construction/permanent mortgage for 30 years. That's why they would not agree to it if I turned around and sold it immediately. 

Cheers 

Hi, first time on the forums here and i've only ever made 1 real estate purchase. Four years ago I bought a double lot 100 x 100 in St. Petersburg FL (tampa bay area) for 40 k, cash. Now market research shows I can sell it for 115k. I would like some advise from investors of what my next steps should be. Here are my ideas.

1. Sell the lot - quick easy money ~60k profit after taxes

2. Build a single family home to sell ~100k profit. Downside here is getting a construction loan if I dont intend to keep the house.

3. Build a single family home to rent out ~long term investment no immediate profit

4. Split the lot in 2 - build two smaller homes and either sell both - sell 1 and rent 1 out - or rent both out. Construction loans to build 2 houses now get hairier. 

Any other ideas? Anything I'm missing? I going through a large learning curve here and information can help.

Thanks!