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Help /adv/ , Im currently at a crossroads and am looking for insight.
I'm in possession of a small property in a small suburban town. I inherited it a few years ago with a condemned home on the property and had the duty to tear it down and make the property presentable.So it's currently empty, but a well maintained lot. I'm a young student living at home so i currently dont have the money or time to start building a home on it or make use of the property aside from sitting there, maintenence, and yearly property tax costing me time and money.
So, I am getting offers right now, ranging from $30,000-$35,000 which I believe is the estimated value i got a few years ago.
Should I keep the lot and hope property value around here increases?
Sell it and build myself a minihome?
Sell it and buy a few acres of farmland out of town in the country??
Im realizing its a decent chunk of $$$$ that i could start using/reinvesting/moving instead of sitting and using it as a backup plan for when Im old enough to build a home.
what is the smartest thing I could do right now, is essentially where my roadblock is but I guess that is the question to .any. thing. ever...
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Take out a loan to build a multifamily house (at least three, ideally four) and then live in one apartment then rent out the other 3. When you're ready to upgrade, rent out the 4th apartment and you'll have 4 people paying for the mortgage. If you have enough space, you can build a second complex when the 1st one is paid off and then you'll have 8 people paying for mortgages.
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>>18131869
Sadly I'm not in a position anytime to take out a large loan, also the community is a lot of older folk and mainly a cottage town. Apartments arent really a thing out here but i guess i could change that!
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>>18131857
Find out what lots around your property are appraised/selling at. Theres a cool resource that most U.S. states offer for free called GIS maps, you can find them online and search by your county. It will show you property lines, who owns the property, and what it was purchased for. See if the lots around you have been recently purchased. If they have there might be development going on so you should hold out for better offers.
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>>18131921
Thanks for the update, I was unable to find a site for anything locally, here in Canada. But based on checking up on local real estate sites the going rate seems to be 30-40 thousand for a lot my size.
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>>18132930
I meant to say Thanks for the suggestion, not update/ that could have sounded condescending
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>>18131882
itd be worth the investment anon, you'd have a free home for life, and potentially a profit. if you're not in a position tal kto parents or someone and try to go splitsies on it.
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>>18132948
You are totally right, it is the smartest idea, even if i happen to just flip it in a couple years. Finanancially I just would not be able to cover my ass in terms of payments. Would have to get a couple people moved in asap if i were to go ahead with it and keep my payments paid on time.
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>>18133243
if you have credit you can get a big enough loan to cover you for quite some time. either way, id push for it. its not every day you're handed a property.
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>>18131857
If you can afford to pay the property taxes, hang on to it as long as you can. Property value will grow faster than bank interest or any other use you could put the money to.
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