OfflineOne of my realtors that I work with is offering me some possible free lots located in town. We don't know how many, or where they are located, but he believes that there is hand full of them. The story goes like this, the city is going to be giving them away. Apparently they've lost a ton of money on the lots from taxes and need to get rid of them so that they can quit losing money. But, in order for someone to get them they have to put up a home on the site so that they can make money back in taxes. They haven't decided exactly what the requirements will be but we are pretty sure that they will have to be SFR's, and they may allow prefabs. They are also thinking about selling the lots at market value, and then when house is built they will give the money back, they'll hold it is escrow. This way they know that the property won't sit untouched for a while. I'm looking for some ideas on what I should do, and see if there is anyone else that has had a deal like this and tell me what they did. Thank you for your comments. Good luck everyone and keep up the great work!
Free lots
Posted on: Sun, 05/18/2008 - 01:37
Please keep us filled in on how this unfolds. Very interesting.
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jdman84,
I can say I haven't had anything like that come along. I'll keep my ear out for an opportunity like that around here now though (free is my favorite word
). I agree with Rina, let us know how things go. I'll be very interested to hear.
I can tell yu from prior experience with something like that - its great!
In Mobile, AL a while back they were trying to revitalize downtown. They were selling all of the old building and homes down there for 1$1.00 but you had to restore the homes back to beauty following the historical society guidelines and if it was a building it had to be restored back to commercial use. It was great. We bought (family) 4 homes and sold them all 3 years later to attorneys for offices for 165K each.
If you do it follow the stipulations and it should be a windfall for you.
Anita
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