Marketing Land to Apt Builders - Posted by Ian Johnson

Real Estate Investing Apartments
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Posted by michaela-ATL on September 05, 2003 at 10:53:47:

I have sold a number of lots to builders in the past years and I drove around, finding new construction and got the fax#'s of those builders. I then mad eup a flyer and faxed everyone at the same time.

As to Multi-family. It sounds like a pretty small lot for multi family. You have to see what the zoning and setbacks are for that lot.

For example, my neighborhood’s setbacks are 30’ in the front and 7’ on each side. If it’s a corner lot the setback would be 15’ on the street side. That would not leave a lot of room for a multi-family on that lot, maybe a duplex.

You say, that there’ re apartments, that are equivalent on the same size of lots. Keep in mind the age of those dwellings, since the setback may have been established afterwards and the dims on those houses are ‘grandfathered’.

Not trying to discourage you, but just make you awar eof some issues you have to think about.

I would find some of those owners of new constructions and tell them, that you have an angle on a lot with these particular dimensions and whether they would be interested? Don’t give them the address, of course.

michaela

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Marketing Land to Apt Builders - Posted by Ian Johnson

Posted by Ian Johnson on September 04, 2003 at 13:14:23:

I’m looking at an abandoned property that is promising, out of town owner, 14k delinquent taxes, lein from building and safety for fencing the lot, etc. The neighborhood is decent, but turning toward multi family. Most of the surrounding lots are apartments, quads, 2-on-a-lot duplexes, etc. This particular house is next to a three story condo.

The house itself may be a candidate for demolition just because it is weird. It’s 2-story, set in the back of the lot with the front door in the middle of a blank wall. No windows, porch, awning, nothing. I suspect the property may have included the lot behind it and the house may in fact be backwards.

If this is best approached as land, what is the best way to market it to apartment builders? It is about 7700sqft in a quiet pocket of an area that has been built out since the 40s (San Fernando Valley just N of 101). There is construction going on in the area, in fact one property I was about start mailing on was just cleared off for an apt.

I know builders like multiple lots, but I seen some built on smaller parcels, and there are plenty of existing buildings that would fit it. The lot is 55x130.

Are there realtors who specialize in selling city lots to builders, or do the builders mostly do all their own legwork? One idea I have is to get mailing addresses from the assessor on properties that are under construction, find out what the company is and see if they are looking for more lots or know someone who is.

Has anyone done this with a house that wasn’t worth saving? I know there are people looking for tear downs to build their SFH, but this lot wouldn’t be as attractive because of all the multis on the block.

Ian