Posted by Bill (NY) on June 04, 2002 at 21:43:15:
Thanks Tim, that’s a great idea!
Other uses for vacant property? - Posted by Bill (NY)
Posted by Bill (NY) on June 04, 2002 at 17:06:09:
Bought a vacant 2 acre lot from the County for $2,500 and I’m trying to come up with as many uses as I can for a vacant lot. This lot is going to need a variance to build on so I’d like to include any other ideas for it in my back up plan.
What I’ve come up with so far:
Donate it.(assessed for $30,300)
Use as down payment on another property.
Keep it until a neighbor is ready to sell.
Let it go for taxes again.
Trade it for another lot that I’m interested in next to my home.
Let friends ride dirt bikes and 4 wheelers on it on weekends to drive neighbors crazy so they submit and agree to a variance.(I’m serious)
All Ideas welcome
Bill(NY)
I area with low value… - Posted by Kent C
Posted by Kent C on June 05, 2002 at 01:36:38:
Seek out your low income housing sources. They buy empty lots as part of inter urban renewal programs. In my neck of the woods it is the Indian Housing Auth (in assoc with HUD). They give fair money for lots to build indian homes on for their constituents.
Kent C
Re: Other uses for vacant property? - Posted by Bill
Posted by Bill on June 04, 2002 at 18:44:35:
Auction it off.
Depending on location:
Grow trees on it to sell(Christmas trees, etc.)
rent it out for short term sales (Christmas trees, fireworks, etc.)
Get a loan against it for as much as possible, then sell it owner financing and wrap the loan.
Set up a farmer’s market on it.
Let roadside peddelers use it for a percentage of the profits.
Set up a billboard on it.
Set up rolling billboards (painted on trucks or moveable trailers) on it.
Let people park their cars for sale on it for a fee.
Let other investors put their bandit signs on it for a fee.
Let real estate agents put their signs on it for a fee.
Put up your own large permanent bandit sign.
Put up your own sign advertizing your own deals for sale.
Pledge it as collateral on contracts requiring you to put up a bond.
If you donate it, first check with your CPA, you might not get to write off the 30K value.
Sell it to a neighbor.
Put up a big sign - Future home of XXX Motercycle club house or future home of XXX Halfway rehab house. This will get neighbors to buy it right away. ;.)
good luck,
Bill
Re: Other uses for vacant property? - Posted by Tim Fierro (Tacoma, WA)
Posted by Tim Fierro (Tacoma, WA) on June 04, 2002 at 17:30:38:
You own it, the taxes are minimal, and use it as collateral. If you need to move a lien and/or note worth your $30k, move it to your property if it is doable with the note holder. An example only would be if you need to remove a lien of $10k on a property so you can cash it out or sell it, but want to keep the lien and not pay it off yet because of a good interest rate or low payment. Move the lien to your property so it will be released from the one it is on.
In the meantime, put a for sale sign on the land now.
For Sale - $30,000 Or Best Offer - Call xxx-xxx-xxxx
Re: Other uses for vacant property? - Posted by Bill (NY)
Posted by Bill (NY) on June 04, 2002 at 21:41:19:
Bill
I like the future home of the XXX motorcycle club sign idea. All the neighbors say they don’t want to see a house on the property because they like the privacy and quiet. With the sign for the phantom motorcycle club I could probably create a bidding war between the non-existant club and the neighbors and get top dollar for the property.