Re: Small towns - Posted by Darin
Posted by Darin on January 24, 1999 at 18:58:59:
There is opportunity every where. Have you thought about investing in land. 10’s, 20’s, 40’s,& 80’s. There is serious money in vacant land. Depending on your states split law and the township the property sits in, you should get to know that market and how it works. Here is a couple examples
1- 80 acre parcel located on a corner of 2 main roads in the country with a 1200 sf house in rough shape.
Purchase price - $250,000
Leverage - 20K down - 10% interest - with annual intrest payments only - a 2 year pay off
Contingent upon the property getting 10 lots approved from the health dept. for percs for septic systems.
Contingent upon getting partial releases for each lot sold.
Some other standard contingincies also.
Got approval for 11 lots
3- 2 Acre parcels priced @ 35,000
7- 10 acre parcels priced @ 50,000
1- House of 2 Acres priced @ 129,000
Net 258,580 Time fram ( Less than one year )
These projaects can be completed within 6 - 12 monts
To turn these quick, stay away from having to put in any roads and stay away from plattting. Though there is big money in development, it also takes years and tons of money before you get to your first closing.
Purchase price 92,000
3- 2 Acre parcels @ 50,000
1- 14 Acre parcel @ 65,000
Total $ 215,000
Total Sales cost 23,000
Net 90,500 ( Less than 1 year )
Go to your township and get a plat book and start calling. You will be suprised what you get.