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I have a 1+ acre building site in San Diego County

Home Forums General Deal Makers -Ground Partner Request – Investor Needs – EHT Opportunities I have a 1+ acre building site in San Diego County

This topic contains 4 replies, has 0 voices, and was last updated by Avatar of corkhorner corkhorner 12 years, 3 months ago.

Viewing 6 posts - 1 through 6 (of 6 total)
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  • #4309
    Avatar of corkhorner
    corkhorner
    Participant

    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.

    Anyone here want to talk about it?

    cork horner
    san diego

    #24122
    Avatar of marlac
    marlac
    Member

    Cork, in what part of SD County is this property? Current zoning? Is it currently encumbered? If so, do you know by how much?

    TIA,
    Marla

    #24123
    Avatar of corkhorner
    corkhorner
    Participant

    If you havent moved latgely, this is ‘in your backyard in East County—Lakeside. Off los coches north of I 8.
    Stable upscale working class neighborhood.

    Free and clear with 3 sisters who inherited it.

    What would be your interest?

    I have a subordination clause with 15k at closing.

    My plan is for an owner builder deal. Any ideas?
    cork horner

    #24124
    Avatar of rick
    rick
    Participant

    Cork,

    How much are the homes selling for in the area? 350k+

    How much is it costing to build per sq. ft. for medium upgrades in kitchen and bath?

    #24125
    Avatar of rick
    rick
    Participant

    Cork,

    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.

    #24126
    Avatar of corkhorner
    corkhorner
    Participant

    Rick
    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.

    c h

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