What is the Lot worth…? - Posted by JT-IN
Posted by JT-IN on June 06, 2003 at 22:06:22:
Many times folks see a problem, as a problem. When investing in RE you learn to see problems as opportunities… and the more problems, the better.
I have recently bought a house that has a serious mold issue. I have “noodled” all week on how to approach the problem…
- Do I cut out the mold issue, and redo the area effected…?
- Do I sell it as-is to another “more hungry” investor…?
- Employ a proefessional mold abatement company…?
- Sell it at a loss, due to the fact that I am worried that no one will want the place…?
- And the list goes on…
Well, after seeking answers that are not obvious, I have finally figured out how to make lemonade out of lemons… I had a number of ideas, but continued to seek the profitable solution, so today I have discovered a little known angle. It seems that due to some unusual zoning, I will be able to tear down the house and subdivide the lot into two highly desirable building lots… The net result is that the two lots will be worth 60K more than I have in the entire place at this point.
The moral here is, I had not even considered the tear down idea, and because I was in “heavy search mode” for a profitable solution, and wouldn’t settle for one of the easy ways out, I will be taking a big negative and converting it to a BIGGER POSITIVE…$$$
When you think you explored all avenues, maybe you have missed a street or two. Be diligent in finding an acceptable, yet profitable answer…
Just the way that I view things…