I am a big fan of buying a property with additional land if I can subdivide the land, sell off the lot(s) and use that money to finance the rehab. You may be able to do that, which would be cool.
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Yikes! Guys, he is 22 and a new investor!
hate to see anyone crash and burn on their first project and give up on real estate. This may still be a great deal and you may do it, but you need to get a lot of answers before you put any money down.
A friend here in San Antonio bought a dated "mansion" last year for 1 mil on 10 acres. He put 250k into it with the rehab. He also replatted the property splitting the 10 acres in half. He ended up selling the house for 1.7 mil, netting him 400k and 5 prime acres free! These deals are out there, I hope it works out for you.
Steves on the right track. Heres the order i would consider: buy it, replat the property into several parcels. rehab the house and sell it, thus establishing a sales comp for the other parcels. Sell the other parcels.
This is probably not the project to begin your career with, tho you may be able to joint venture with someone more experienced. I would definitely get a look inside the place and work through all the numbers. It may still be a good deal and you may move forward with it. But do your homework, get comps for the property.
demo would be about what you would pay for the land.
Maybe, but difficult for any of us to answer.
What will it cost to remove the old house? Any hazardous material that will cost extra for disposal and removal? Are they other vacant lots nearby? What would they cost? You would need to buy at a price where your net after Air Force 1 High Black And White
Wheatie is asking some good questions. How is your real estate market? What is average length of time on market before a property sells? Do you know what the property would sell for fixed up? Do you know how much it would cost to fix up? Do you have the skills to do the rehab or will you have to hire someone? How tight is lending in your area? Do you have a good credit record? Do you have contacts for private lending?
Sorry to sound like your mom, but I would Air Force 1 High Black Suede
The lending going to be similar to hard money. Maybe tough to convince a bank to back you the first time, so it might help Nike Air Force 1 High Brown Suede
Feel free to ask questions along the way. I would love to hear more Nike Air Force White And Blue about the property and how you are doing.
to have an experienced partner.
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