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I have a piece of land 10,000 ft in a beach town. What should I do with it? (alien.top)

submitted 2 years ago by Most_Scar1671@alien.top to c/entrepreneur@indiehackers.space

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I recently bought this piece on a discount in a small beach town. I wanted to buy it as an investment asset and the easiest thing would be to resell it. Here're a few more details:

- It's not in the central part of the town but in the suburb area where people are actively building vacation homes, bungalows etc

-The area where it's located is currently being developed including proper road, and communications

-The current state of the land is overgrown grass and bushes.

Here are my first steps:

Obtain the documents - waiting for the proper legal body to issue my ownership documents
The actual land size is 20k ft and I need to split it with the the wife of the previous owner ( will hire a lawyer)
After I pass these legal hurdles I see a 2 options:

Clean the land, make it presentable and sell it as a place to build a beach house ( land prices would be a few times higher than what I had bought it for so I can make a nice profit)
Clean the land, add a small home and rent it out

I don't really see other viable ideas but I'm happy to hear you out

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[–] CodaDev@alien.top 1 points 2 years ago

This should be in an REI sub, not entrepreneurship. This is an investment not a business unless you’re planning on making a business out of flipping land, in which case it’s still better suited for REI subs.

Don’t spend anything that doesn’t objectively increase its value. Make sure you CAN build a permanent structure on the lot before anything and have it surveyed, then you can start cleaning it out if you want to.