Great Lot Deals In Atlanta Area
I am an extremely cautious and skeptical investor, and hence I have lost lots of deal but still have survived in this down market. . There are quite a few deals in Atlanta area, some good & some bad. I try to find a perfact or near perfact deal. Recently I think I have found couple of them. I am working on one of them. The deal is one commercial lot over 2 acre available at 25 to 30 cents per dollar value of 2006 sale price of 500+K) (or probably less) from the bank. . The average drop in the real estate prices in Atlanta area is about 25%. In the area where the lot is located Another lot about same size and about 3/4 miles away is on sale for 400K. Hence I think this is a good deal already , but may need some time to cash out. for large profit.. I am looking for two investors at 30K each for 25% of the deal.
What do you plan to do with the property once you complete the purchase to generate a profit (presumably the bank has already attempted to sell it at FMV)?
The deal I previously posted is closed. But there is another deal I am working to form . This is a land foreclosure deal ( bank owned) approx. four acre of residential lot on a small lake. The surrounding homes are 700K upward. County appraisal is 140K. Another regular 2 acre lot close by has ASKING price of 250+K. Average sub division lots less then an acre go from 20K to 40-45K ( for 150-250K homes) Bank is looking for around 45-50K for 4 acre lot. Which is approx. 30-35% of the county accessed price. Any comments about likely risks ? If current home prices are around 700K with two acre land, can reasonably expect 1M price for the house on this lot and hence 200K + potential value ?