i’ve been dealing with lots.
what is the zoning for the property?
is the house located such, that you can split 3 other lots around it or would it have to be torn down?
doe the lots all have road frontage (in atlanta (don’t know if this is different in other parts of the country) if it’s zoned r5, then you need at least 50’ roadfrontage and 7500sqf total per lot. if it’s r5, then you need 70’ frontage and 10,000sqf, etc)
builders will prefer to get 4 connected lots to getting 4 lots separately, because having 4 new houses next to each other will pull everything around it up.
Posted by JP (Atlanta) on June 24, 2002 at 08:07:36:
Here’s the deal
Owner selling large lot that can be divided to total of 4. Asking 89k
Presently renting house on property for 850/mo.
She purchased it for 54k about a year ago.
States she has recent appraisal (within last 6 months) for 93k
Appears to be motivated for a quick sale
I’m interested in the property for the positive cash flow I would realize immediately if I could purchase it right. There is some new construction in area but I don’t believe that sub-dividng and developing the lots would pay off anytime soon but I have no experience with land deals. What are some creative ways for me to structure an offer?