Purchased my first property today (land) @ 40 cents on the dollar in Wilcox, Arizona. .87 acres of raw undeveloped land zoned for residential. Wondering now..? should I flip it for a profit, or hang on to it? Presently in that area land is selling for $1000-2500 per acres. What to do...what to do???
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CONGRATS!!
way to go Peter
ALRIGHT PETER!!)
Good job! ! I would sell for profit NOW and move on to next deal.vacant land has no income...the longer u hold the more holding costs such as taxes crowd your profit.....SELL....... deal # 2also in sight! !
Great job.....keep CRANKING! !!!
JAY
highest and best use
on question as to what to do: I'd look at the highest and best use. can it be rezoned for commercial/mixed use?
ex: BUY price per acre SELL price per sq ft.
for illustration purposes. Buy $1,000 acre rezone and sell by sq ft. (1 acre = 43,560 sq ft.) and SELL say $10. sq. ft. = $43,560 for same track of land. ...... make sense?
lots of way to go. if able to subdivide is an option, sell portion, lease for signage, cell towers, flip or go vertical, etc.
just an idea. Huge upsite to land.
congrats on acquisition!
God bless,
Jen
There are exceptions to this rule but
in this market where there are so many deals available on income producing property, it doesn't make a lot of sense to hold land. If you can flip it, or divide and sell quickly holding the financing, or trade it for something else; please do it. Sure, they don't make anymore land but land is also tough to move quickly in most cases. However, congrats are in order for taking action. Just find your exit strategy and move on.