Posted by Ed Garcia on December 14, 2000 at 13:29:13:
If you’re looking to just flip raw land at the numbers that you’ve indicated, it definitely would not be worth obtaining new financing.
If you had a game plan to build out the property with upside then that would be a different story. Obviously if this property becomes water front property it would definitely increase in value. I don’t feel we have enough information on this deal to be of some help. If I felt that the deal was going to have a major increase in value, then I might see if the lady would be interested in lease optioning the property for her annual taxes, which would cost about $334 per month. You could lease it for a year to buy time to flip it or see what happens concerning the water front development.