I think I should start calling this my “Land just east of Hurricane” because that’s where it really is. I have just begun talking to a developer about building some spec homes on my lots out there.
I don’t have any details yet on how this deal would work, but according to him there are 4 homes being built in the subdivision now. He is going to build a home out there soon and figured that if he built 2-3 at a time he could save in build costs. However, he doesn’t want to buy the lots from me and build, he wants to do some sort of I supply the land and he builds on it and we split the profit.
The problem is he has to get a construction loan to build the home and there would be no collateral on this loan because I own the land. I may have to get the construction loan for the house which is something I don’t want to do.