Is This Profitable
I just picked up 6 lots in Anderson SC in s small subdivision. There is nothing else on the street and the there are only 14 lots on the whole street. I am considering either putting doublewides on the property and then selling it or building actual houses. The neighborhood off of the street has a few mobiles on it already which is why I am considering that route. If anyone has any suggestions I would appreciate it.
Thanks
Danny
You could partner with a builder and subordinate a lot to him in exchnage for premium lot value/price when he sells the property. i.e. 10-15K per lot. I have been involved in this in Oregon.
[addsig]
check out the posibility of using modular homes.
Sefrede... You may not OWN the property yet, but you DO control the property.
Yes, you can advertise the property for lease. For sure. No question about it.
I agree with the last post you do have control over the property, so leasing out to someone else is an excellant idea.
I just wanted to add that if your tenant is balking at the money to do the buildout, are you sure he will be able to pay the rent once you pay for the buildout? If he does indeed have the monies, then meet him halfway, or offer him a longer lease term at the same rate showing him he will save monies in the long run by not raising it XX%.
You could also flip the property to your tenant in a lease to own situation, if he has the monies to spend then raise up his lease payment and just lease to own it.
No matter what I would most definitely open my options
Good Luck,
Kyle
From the lenders that I have dealt with in the past, they will do that as long as all the profits go to the loan. This way your profit will be on the last units sold.
As far as a clause where you would get monies before that, it would work through a hard money or private investor as long as they were getting more secured with each sale, like a profit split where they would put there share of the profit towards the principal still owed.
You need to look at it from there point of view, you could be selling the best of the bunch and sticking them with the dogs that wont sell. That being said you will need to show them that you are in it to pay it off completely, and will wait for the majority if not all of your profit till the end, or at least until they are paid off.
Good Luck,
Kyle
are these condos, community aprtment project or at coop?