Help! Newbie PreConstruction Advice- On Deadline!
I have an old friend who is recommending I buy a pre-construction lot in a luxury single family home gated community near Holden Beach, NC. Its the typical 10% down, no payments for two years. He works for the developer and has bought a lot himself. The lots are around 170K right now, the tax assessments still show around $25K and I cant find any recent sale info for the county to see what the lots have been going for for the last couple of years.
Is this a good idea? My husband and I dont actually want to build on this lot or live there- but we have been looking for a real estate investment. I just dont know if its a crazy investment to buy a vacant lot. They are closing this phase of sales on Sunday so I need advice QUICK!
THANK YOU!
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