I recently bought this piece on a discount in a small beach town. I wanted to buy it as an investment asset and the easiest thing would be to resell it. Here’re a few more details:
- It’s not in the central part of the town but in the suburb area where people are actively building vacation homes, bungalows etc
-The area where it’s located is currently being developed including proper road, and communications
-The current state of the land is overgrown grass and bushes.
Here are my first steps:
- Obtain the documents - waiting for the proper legal body to issue my ownership documents
- The actual land size is 20k ft and I need to split it with the the wife of the previous owner ( will hire a lawyer)
- After I pass these legal hurdles I see a 2 options:
- Clean the land, make it presentable and sell it as a place to build a beach house ( land prices would be a few times higher than what I had bought it for so I can make a nice profit)
- Clean the land, add a small home and rent it out
I don’t really see other viable ideas but I’m happy to hear you out
I had some money I wanted to invest and I found a good opportunity. It’s not that I don’t know what to do with, I do have my ideas but I wanted to hear others who may have more experience with it