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All Forum Posts by: Kristopher Russell

Kristopher Russell has started 3 posts and replied 21 times.

@Jay Hinrichs I NEED to go to the county planning department and see what info I can get that's not available online. I've downloaded all the zoning documents online and from what I gathered, it's zoned for residential (single and multi-family, both attached and detached) out right among other things (recreational facilities, etc.). Special permits for churches, libraries, etc. 

I have a contact down at the county office. I'm giving her a call Monday and find out exactly who a legit point of contact is. If there is opportunity outside of residential that I am missing I need to know and explore those options. 

@Jay Hinrichs I appreciate the insight! I'll definitely consider a deal that allows me to walk away with a nice return and my sanity.

Thank you for your time!

Hi @Jay Hinrichs,

The land was going to tax sale due to delinquency. I came in a week before the auction and offered the owner a deal to pay the back taxes, line their pockets, and I get the deed to the land in return. They agreed.

Homes in the area recently sold in the range of $120-180k. Some as high as $300k the very next town over. The land is right on the border between both towns. 

I was quoted by one contractor for a build price of roughly $115/sqft for rental ready quality. That was my only quote so far so I'm still in the market for more. 

$30-45K/lot for sewer and water?!?! That number is scary high! I was not expecting that to be so expensive!

The median sale price for the area ranges from $104-112/sqft. for the two towns within 2 miles of the property. 

I'll do more homework on the numbers, especially considering the potential high cost for utilities set up which was not in my original calculations. 

Your feedback is extremely valuable! Thank you! 

And thank you @BP for having a platform for newbies like me to learn from the Pros!

Thanks for the bringing this post back to life @Justin Craver!

I'm looking to develop land in Burlington/Elon, NC that I recently purchased. I met with a contractor and they highly recommended NASCLA. Looks like they were right!

Hi @Scott P.,

Yes, I'd prefer to keep some of the land, even if it's just a few lots to build and create cash flow. 

Right now, there is no one else involved in the development. I will reach out for partnership opportunities once I educate myself more as this is my very first deal. I'm really looking to building and seeing how that turns out but I have to keep cost in mind to ensure I'm not at a negative cash flow. I'm not local to the area either so understanding the market is first priority for me.

I appreciate the feedback! I'll follow up I do more information gathering. 

Thanks!

Thanks @Clint Shelley! I have the zoning and special permitting information but I'm waiting to hear back from a contact at the county to advise on what the changes could be coming down the pipeline. I'll keep you posted if anything fruitful comes up!

Thank you @Clint Shelley!! I wasn't sure what type of leverage I would have if I partnered with a developer going into this, but it seems like paid off land gives me a fighting chance! I'll reach out to developers and see what opportunities there are. 

I really appreciate your time!

@Geordy Rostad 

Wow! Wonderful insight! Thank you so much!

1. I've already have 6 different versions of plat maps drawn up to give me an idea of how many plots I can fit on the land. I went with the minimum 6000 sqft and quarter-acre plots as well in case there was opportunity to build larger homes or have more space between the houses. In this area, smaller homes on larger lots go for a lot more when comparing similar sized homes on smaller lots. My follow up: take my plans to the county planning office for feedback.

2. I've been in contact with one contractor so far about building on a corner of the land. There is already an area large enough for two or three homes that does not require any grading or tree removal and it's closer to the subdivision around the corner (with enough space for a yard even with the 40 foot set back requirement from the road). I did not consider manufactured homes! In the area there are quite a few given the locality. I will look into this further as generating income quickly is my main goal! 

3. I hear you loud and clear! I'll look for resources to help guide me on all elements required to develop a subdivision and get to work. I'll also see about contacting the local and statewide builder's associations. I'm sure I can get great feedback there. 

I needed that reality check. I could do a lot with such a high ROI.

Geordy, you've made my week! Thanks again for the valuable insights!

Keeping it simple:

I purchased 7 acres of land within 1 mile of a private university. Zoned for residential (single and multifamily, attached and detached). Only 1 house on the land which is too far gone to be renovated so it will be demolished soon. Minimum lot size required to build is 6000 sqft. 

I have a few strategies in mind: B(uild)RRR, sell the entire lot (least desirable), subdivide-entitle-sell, subdivide-build-sell, build a few multiplexes and rent, or even a combination of a few! The surrounding towns and cities have huge land development plans in the next few years also!

This is my VERY FIRST DEAL! Since my only risk in the short term is property taxes, I'm giving myself time to figure what's the most profitable strategy to use (preferably one that allows me to hold on to some of the land and create cash flow). 

I'm very interested in hearing what the experienced and new investors in the BP community would do with this deal.

Thanks!

Purchased 7 acres of basically raw land (only 1 home on the lot which will be demoed soon) in a partnership deal with a person I've never met in person. I've never did any RE deals and knew nothing about land ownership. The price was just hard to beat!

Hoping to take the profits and focus on flips and commercial properties. If not, I'll subdivide and sell/rent a mixture of SF and multifamily homes (catering to students since its 1 mile from a university).