I own (by inheritance) 2.25 acres in a small, one red light, South Carolina town. It's pretty much a midway point between two larger cities that are 30-45 mins in either direction. My land fronts one of the main roads and is close to everything the town has to offer; school, store, convenience stations, etc. It can be divided up into 6 lots and has the utilities paid on three of the lots that previously had mobile homes. My first thought on the property was to build spec homes since it is a older residential area, but nothing has sold recently to pull a reasonable comp. A realtor friend thought a spec home would do ok since the town has not seen new construction in recent history, or it could be a complete flop. I've talked to lenders on financing and no one is very excited about such projects in this area... I don't have a means of financing anything myself, so now I think I may be stuck with this property. It is in the best area for something, just not sure what and how to get it done. I'd hoped to make something of it be it residential or commercial, I'm in need of ideas please.
