All Forum Posts by: Shaneese Bailey

 Run the numbers.  PLEASE connect with someone doing deals, learn then apply what you learn iN this case you need to know the building costs, which you do not. So simple find someone that does deals, make a few bux for a finders fee. Then you can go on your own.  YES its as simple as that :) 

Hi there! My first piece of advice would be to get an understanding of what is happening in your market. Due to the sharp spike in interest rates, buyer activity has declined. Which in turn has caused builder activity to also decline. Which means there are a lot fewer builders looking at vacant lots and land because they dont want to spend 6-12 months building a property they can't sell. So start with asking (and researching) if builders are buying right now. If not, then unless this lot is .99 you are going to struggle to get it sold. There are no economies of scale to build one property on one lot either so it ends up being more expensive for the builder which means they have to sell at a higher price in order to make their desired profit and if your market doesnt support this, then builder loses money. Is there new construction in this area? If so, how quicky (or slowly) are those properties selling? 

In this case, because you have a relationship with the seller, I would suggest either telling them of your plans to wholesale it OR attempting to find a buyer FIRST before you put the lot under contract. This will help you guage the level of interest and prevent you from having to back out of a contract before you can get the lot sold.  I'd also speak to the owners of the adjacent properties to find out if any of them have interest in this lot. I have a friend who bought the lot behind her house so she would never have someone behind her. And now she has a massive backyard. So perhaps its that simple, one of the neighbors might want it if its priced well.

This was probably not the advice you wanted but its the best advice I can give you and its exactly what I would do if I was in your shoes. Good luck! 

Sounds like you need an experienced JV partner. Try to find someone local. Lots of free info and education out there but if that was enough you wouldn't be on here asking.

there's too much to it to explain on a forum post, but that doesn't mean it's hard.

just make sure you get the price right and finding help or JV will be easy.