Vacant lot - nice residential neighborhood - Posted by Chris_NJ

Real Estate Investing
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Posted by Randy on October 08, 2003 at 16:07:15:

Get it under contract…

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Vacant lot - nice residential neighborhood - Posted by Chris_NJ

Posted by Chris_NJ on October 08, 2003 at 12:50:05:

Hi all.

I just got wind of a vacant lot that just went on the market. There’s not even a sign on it yet. It’s in an upscale suburban neighborhood about 30 minutes outside Manhattan, and with a house it would easily get 450-500K in that area - maybe more. It’s selling for 150K as is. I was thinking of trying to buy and flip it (double close) to a contractor with a 20-30K profit target. I’m new at this, so I’m wondering if that sounds realistic to people who’ve done it before.

Now that I think of it - if anyone in the Northern NJ area knows of any contractors (or investors) who buy vacant lots to put houses on, that would be great too. I suppose I could look into putting a pre-fab there, but since I’m just beginning I think that may be too much to bite off at once.

Thanks as always.

-Chris_NJ

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Re: Vacant lot - nice residential neighborhood - Posted by les

Posted by les on October 08, 2003 at 15:10:31:

I am in NJ as well. a house 1/2 hour from manhattan would easily get that price. However you mentioned that the vacant lot just went on the market.

If it is “on the market” how are you going to “flip it”? If it is going on the market for $150k, why can you get 20-30K more?
LES

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Re: Vacant lot - nice residential neighborhood - Posted by michaela-ATL

Posted by michaela-ATL on October 08, 2003 at 13:16:45:

Chris,
I don’t know your area, so, maybe these are going prices for your area. Here in Atlanta a builder will pay about 75K for a lot for a 350k house. Maybe 100k for a +400k house. Looking at that price, it’s already pushing the market. But then you gotta be the judge for your area.

michaela

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Re: Vacant lot - nice residential neighborhood - Posted by Chris_NJ

Posted by Chris_NJ on October 08, 2003 at 16:05:26:

Sorry - I should have clarified. The owner of the lot intends to sell it, but it’s not listed. It might be FSBO. If I’m understanding the “flipping” process correctly, I would be trying to secure the option to buy the property pending my ability to find financing. My financing would hopefully be a buyer to flip to. If I’m getting it all wrong, sorry - I’m still trying to get a handle on all the details.