All Forum Posts by: Stanley Blackman

Thanks Chris, your recommendation is sound advice.  I have had 2 realtors list the property but with no luck.  It seems to me that their interests are in selling homes, not vacant land.  I have tossed around the idea of selling it myself,  but marketing it is a problem.  Realtors want high commissions to sell land plus at least a 6 month contract.  Any advice on selling it myself?

I own an acre of land that is ready to be built on in a community of homes in the $1,000,000 range.  I have been talking to a contractor about entering into a partnership to build a new 3000 sq. ft. custom home on my lot.  He would pay the total build cost of the house and I would contribute my land at the amount of $120,000.  All contributions would be reclaimed at COE and the balance of shall be split 50/50.  All fees, interests, closing costs, interest will all be paid prior to the equity split.  His goal is to build under $800,000 and sell for $1 million plus.  Does this seem like a sound strategy?  What risks am I taking versus just selling the land outright?  I am in my late 70's, married and in sound financial shape.  My land is totally paid off.  Borrowing money from a bank for the whole project is not feasible.