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New Project... Sorta

Discussion in 'Real Estate Investing' started by SteveO, Mar 27, 2019.

  1. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Hey All,

    I have been working on obtaining access to my 40 acre property. It has taken a while but I finally closed the deal on the premium access point. Along with it, there was another 10 acres.

    I now have a total of 54 acres on the side of a mountain. Only 10 minutes away from the golf course.

    The plan is lot splits and land sales. I may have sold one of the 5 acre lots already. It is discounted a bit but plenty of cash will be made with no work involved.
     
  2. Veloce Grey
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    Veloce Grey Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    If you could combine the two I might finally be able to hit a ball more than 150 yards :rofl:
     
    SteveO likes this.
  3. Get Right
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    Get Right Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Nice job SteveO! I like simple land flips. The tax man gets a little too much but it's fastlane for sure.
     
  4. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    It may be a fun thing to do while waiting for a market change.
     
    Get Right and Sauce like this.
  5. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I talked with the guy that wants to purchase one of the lots. He has already gone to an architect and had a preliminary sketch done for a house specific to this lot. He plans a "Frank Lloyd Wright" architecture built into the side of a natural hill. So I am guessing that he is serious about this. My wife knows his gf. They golf together (small town) and she owns the local bar.

    This looks like an upgrade to the area.
     
  6. 21elnegocio
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    21elnegocio Bronze Contributor FASTLANE INSIDER

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    How do you determine where to buy land and flip it? How do you know you will profit ?


    Sent from my iPhone using Tapatalk
     
  7. SteveO
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    SteveO Legendary Contributor FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    There are a couple of ways. Keep in mind that this is my first shot at this. Plenty for me to learn still.

    - Look at the comps. Just like you are doing now in your business.

    - Purchase larger parcels and split. Maybe even rezone.

    - Buy and hold in the path of development.

    One thing for sure, the best laid plans can fall apart by unexpected or unforeseen circumstances. Even if you do an impeccable job on the due diligence.
     
    MetalGear, Sheens and GlobalWealth like this.

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