To Build, Sell, Or Hold?
I was all down about the last property I just purchased (a crack house MH, which has now been demoed) but I realized that this lot is now a perfect lot to sit on. I was thinking of putting a new manufactured home on it and selling it....But now I think I should wait it out...
Reason being....
I dont know if any of you are familiar with Reunion, or Celebration Florida??? Well, these areas of Florida are selling LOTS for 200k, and houses for 800k.....the area is 25 miles away from my lot, I know in ten years I will be happy I got the lot, as the area is growing steadily because of Disney World and these new millionaire golf communities.
I live in Miami and if someone 15 years ago said they were going to move to Pembroke Pines, I would say they are crazy because it was all open land with nothing, 15 years later the homes sell for 500k.....
Real estate.....its great.
Ok, well what would you guys do with this lot, considering the millionaire communities going up?
I appreciate any feedback....It is in Auburndale, by Lakeland and Winter Haven....There are older SFH that sell for around 110k on the block....as well as MH that go for about 80k...the block is a little run down, but the majority of the area is well kept, safe and clean.
To Build, Sell, Or Hold???? THAT is the question! lol thanks guys
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Being 25 miles from some expensive lots means nothing. Paramore is probably 25 miles from south beach, but you could not convince me that one day paramore will become south beach.
Could you sale the lot, take the money and invest in something that would get you a better return? That is always the question with investments.
I have a feeling that a hell hole, crack neighborhood, MH in aubordale is not a good investment. But it is just a hunch.
The truth is what you think it is - not someone else.
Well thank you for that......and I did agree with your opinion. Its not worth holding a property for a "maybe one day" based on wishful thinking. It would be nice, but it would also be a gamble.
Its nice to dream....
Maybe the crazy boom I have been watching unfold in Miami over the past 5 years is getting to my head.
There are houses in Little Haiti going for 350k, that was all cracktown 5 years ago....And it still is! The blend of rich guys and crack addicts walking down Biscayne is so funny.
Well, I am still confused about what to do from here, I am going to put the lot on the market until I figure it out.
I am so new to this investing game, I really appreciate the feedback I get off this site. So regardless of hurt feelings I do appreciate the reponse.
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