All Forum Posts by: Cindy L.

Thanks for sharing your wonderful story!  Very inspiring!

I like the idea of using an architect up front to do a simple diagram/model of the overall plan as a starting point.  Great advice.  Thanks everyone for the feedback.

Interesting question.  Would love to hear from others who have experience with modulars.

There is no public sewer available to the property.  I think I will speak to a commercial and residential realtor and see what they might say.  However, they would probably look at it from the standpoint of being able to re-sell it. What if it were better to develop into an RV Park, or multi-family housing or some type of commercial property... something that would be more like a "develop" and  "hold" scenario for a while - I guess that's where an appraiser might come in handy. And then of course running the numbers and what make sense from that standpoint.  I just have to start talking to people and figuring it all out.  Thanks so much for your input.  It's nice to hear ideas from others.

Thanks all.  The property is not in an ETJ, no deed restrictions, no zoning restrictions, it's in Bastrop county just outside of Austin. No public sewage so property would be on septic.  I have never developed property before and my initial plan was just to glam up the house and pool, subdivide the property in half and flip the house on about 5 acres and sell of the remaining 5 acres.  Because that's the only experience I really have.  However, I think there are better things to do with the property and was wondering what other's might consider doing with this type of property...  I like the idea that one person have of possibly just subdividing into lots since I potentially might not even have to build any roads or infrastructure since existing roads and water lines almost surround half of the property on at least 2 sides and 3 phase electric is on the property. Should I also be looking at partnering with someone who would know how to maximize profit potential on this property....  

I also put deadlines on my offers.  On the other hand, as a seller, I expect the realtor to present every single offer to me when they come in and not hold them back.  It's my job as a seller to decide which offers I want to accept and which offers I want to deny and whether I want to wait around for more offers.  If there are a lot of offers coming in, then I would wait around for more to come in and then decide on the offer to choose.  But in my opinion this entire process should be up to the seller to decide and not a realtor.  I'm assuming that the realtor comments are from realtors that have specific instructions from sellers to hold back offers and present them on a certain date in the future - which is fine if that is what the seller has chosen to do (in my opinion). 

Property is not in ETJ, water and electric all easily available.  No public sewer, so would be on septic.   If you could do anything you want on the 10 acres with no restrictions what so ever, what would you do?

My simple take: If return and occupancy on rent houses are good and they are in decent condition, my first inclination would be to keep those rented out for the cash flow and to create more borrowing leverage.  If you are getting a smoking deal because they are all being sold together, then 6 months down the road, you could cash out refinance on the higher "real" value of the property and get all of your initial investment back....  or renovate a few to resale and get all of your investment back that way.  It would be great to have a clump of rentals all in one area for ease of managing and maintenance.  Then I would work on what to do with the rest of the land and then work backwards on the houses that are renting to determine what to do....  keep the cash flow coming in until the entire plan comes together.

How does one go about determining the highest and best use of a particular piece of real estate? I purchased a 10 acre tract in non-restricted, non-zoned area on a rather popular road connecting two rural cities just 25 minutes from main city (in the Austin metropolitan area). It has a house and swimming pool on one side of the lot. It is a rectangular lot with the long side on the major public road and another public road going down the other side of the property, and another public road coming from the other side of the major road. It has 3phase electric on the property and surrounded by water lines along the 2 roads surrounding the property. I'm usually just a house flipper, but I realize this lot may have potential for development or other uses and wondering who or what type of people I should consult with before deciding on how to maximize profits on this property. (RV park, housing development, commercial, renovate as a house on 10 acres? etc..) Any advice will be appreciated.

Yes, the house just sold - i just updated the post.  All went off well for both buyer an seller.