Reply To: Buying Lots

Avatar of Cyrus AbdollahiCyrus Abdollahi

Hi Tom, thanks for answering my question on the video stream today. Here is a follow up question based on what I believe to understand was your advice.

The goal is to sell the empty lot between two houses to one of the neighbors, since that is probably the most likely way to successfully flip it. I think it would be significantly harder to sell that lot as it is to build a one-off house on it since it would be the only house in the entire neighborhood that is under 80 years old (I live in a historic neighborhood from the 1930s). The lots here are small, it just comes with the territory of old houses just outside of downtown, so I could see the advantage of someone doubling their lot size. The one downside is that they would add to the side of their lot and not behind their lot (in other words, they would get more side yard, not back yard, and maybe people don’t really want that.

So, getting back on track, should I try to contact the owner of the lot, put a deposit on it to tie it up, and then ask one of the neighbors if they want to buy it. If both neighbors tell me they have no interest in it, should I just ask for my deposit back and walk away (or potentially lose the deposit)? I am worried that if both neighbors tell me take a hike, I don’t want my money stuck on this lot that no one wants to buy and I could have used that money on a turning a single family home instead.

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