All Forum Posts by: James Geraci

thanks bill!

Hi @Lisa Phillips

Thanks for your reply. The city allows properties to be annex into, you pay a fee and then it goes up for review by the planning committee, so there is a bit of risk there.

Unfortunately properties in this area are going for dirt cheap a lot under 40k, but the number of qualified tenants and buyers is very low, and the amount of properties for rent definitely exceeds 4x from tenants.

I agree with your thoughts about the city, I would like to keep them in the county, the street also bumps up to zone-1 area, salvage yard, manufacturing, etc. (Sell the street to them in the future)..

The properties on this street require well & septic. The street runs perpendicular and connects to a street to the north and south. So the street could be removed, since the county doesn't really maintain it.. maybe.

There are other streets that parallel this street to still connect the north and south streets.

I am thinking if over time i could just buy up the street, that i could resell or redevelop in the future. I know it is speculation.

Thanks,

Jim

I have an opportunity to buy vacant lots for 2 - 3k. Two are on a street i have a property and empty lot already on the street. The house and lots are in a low income part of a city. It is in an area where there are homes that either are in foreclosure or vacant rentals. Not a lot of qualified tenants, and not worth the carrying cost of a house that can be broken into and vandalized.

I could over time purchase the whole street, and work with the city to annex the lots into the city, currently in the county, but borders the city limits. Sit on them and work to redevelop the area down the road.

The property tax on the lots is like $200 / year, and couple hundred dollars a year per property to cut the lawns.

Do i acquire them?

Thanks