I have it in escrow. Market value about $100k.
Can get 100% owner builder financing as equity for down.
Anybody who can qualify full doc with good credit and make the payments can build/own their dream home.
I will flip the lot and/or act as building consultant.
Do you happen to know how much Section-8 gets in that area?
I was thinking maybe you could build a 6 bedroom house with a maids quarters. 6 seperate 1 bedroom studios for retired folks on section-8 or sell each room. Make the house U shaped with a nice courtyard in the center and a private patio off each bedroom. movie/game room, dinning room, kitchen, laundry etc. Maybe include meals?
I know you can have 6 residents for residential care without any special zoning, so I think maybe 6 residents would be th same. You could probably remodel existing homes in good areas and do the same.
Use the land trust to sell each room or rent it out to section 8. I’d say that give you a pretty wide door to walk thru.
Good thinking and creativity.
as to current const costs they are all over the place from $100/sq ft.
This is a steep hillside/view lot. some of the proposed residents you mention would fall down the hill. Insurance problems?
My best bet is to flip to an owner/builder/occupant with 100% financing from a nationwide lender who specializes in it.
You have a contractors license, [?], perhaps we might co/bene in some way.
Thanks for your input/interest.