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Started By
Message
3 Lots: Build, flip, or don't buy?
Posted on 12/2/14 at 11:54 am
Posted on 12/2/14 at 11:54 am
There is someone with 3 unlisted lots that I can buy at $85k each in a decent area of Metairie. Updated older houses go for about $130k and ones less than 5 years old go for about $200k. All seem to be around 1200-1500 sqft. I cannot find any lots in the area to compare to. I do not if I should buy and try to build, flip the lot, or leave it alone.
If I build,
How much would I probably be paying to build a decent 1200-1500 sqft house?
If I flip,
Is there enough to wholesale the lots?
If I build,
How much would I probably be paying to build a decent 1200-1500 sqft house?
If I flip,
Is there enough to wholesale the lots?
7
Posted on 12/2/14 at 12:04 pm to nolatiger711
I'm confused. Are they bare lots? or do they have houses on them already?
Posted on 12/2/14 at 12:05 pm to Chris4x4gill2
empty lots
Posted on 12/2/14 at 12:07 pm to nolatiger711
I don't see it as a bargain for those prices. You'll spend at least $120k building a house without experience.
Posted on 12/2/14 at 12:08 pm to nolatiger711
I'd say don't buy. You aren't getting a good enough deal
Posted on 12/2/14 at 1:21 pm to aaronb023
I dont see a deal. Sounds like you would easily be in over 200K each by time you built anything and thats the high end of your sell estimate.
Posted on 12/2/14 at 1:32 pm to nolatiger711
Personally I'm not building a 1500ft house on a lot that costs $85K. But thats just me.
Posted on 12/2/14 at 2:04 pm to nolatiger711
Thanks for the replies. I was leaning toward there wasn't enough space in it, but just wanted to make sure I wasn't missing anything.
Posted on 12/2/14 at 2:21 pm to nolatiger711
Can you do horizontal property regimes? What are lot dimensions and are they street loaded or alley loaded?
Posted on 12/2/14 at 2:36 pm to ItNeverRains
Don't think you could flip in an area in Metairie where the lots are going for less than 100k. As far as building, would you be buying all 3 lots to put a 1500 sq foot house on it ?
Posted on 12/2/14 at 2:49 pm to nolatiger711
quote:
There is someone with 3 unlisted lots that I can buy at $85k each in a decent area of Metairie.
quote:
Updated older houses go for about $130k
not that decent.
Posted on 12/2/14 at 3:29 pm to Chad504boy
Simple math: reno'd older homes in area go for $130K; your lots cost $85K. So you're telling me that the value of the built structure on this comparable lot is just $45K? Of course not....so you know your lots are wildly overpriced.
Infill neighborhoods w/McMansions? Maybe. But if this was the case, you wouldn't be seeing older reno'd homes at just $130K. That's just $86/square foot. Zillow can help you to figure out the average price per square foot of listed property in the same neighborhood.
Infill neighborhoods w/McMansions? Maybe. But if this was the case, you wouldn't be seeing older reno'd homes at just $130K. That's just $86/square foot. Zillow can help you to figure out the average price per square foot of listed property in the same neighborhood.
Posted on 12/2/14 at 8:14 pm to hungryone
quote:
Simple math: reno'd older homes in area go for $130K; your lots cost $85K. So you're telling me that the value of the built structure on this comparable lot is just $45K? Of course not....so you know your lots are wildly overpriced.
This is my line of thinking as well. The math simply doesn't add up.
Posted on 12/3/14 at 7:04 am to nolatiger711
quote:
How much would I probably be paying to build a decent 1200-1500 sqft house?
More than what the house sales for if you buy an $85k lot and houses are only fetching $185k.
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