Good morning Oppo! So, a while back I might have mentioned I’d decided not to buy land so I can focus on car and house repairs. Well thanks to the miracle of 100% financing, it looks like I am, in fact, going to attempt to buy land to put a garage/ shop on. Problem is, I have no idea what I am doing!
For better or worse the property is for sale by owner, so I am pretty much going to have to wing it. I haven’t made an offer yet, but I am comfortable paying full price for the lot if I have to. I also have a call with some lawyers on Friday, as is apparently the recommended practice.
The lot itself is a slightly sloped 5 acres, partially fenced, with excellent views to the North and South (on top of a hill). There is a small amount of wooded area in the back and also a 50 ft drop to a creek below. Unfortunately the creek isn’t included in the purchase, but the seller has left the option to buy it from him later.
The place itself is about 15 min from my house, which is about as close as I can expect to find without having to spend six figures.
The lead image, taken from here, is the basics of what I’m thinking of building in stages, starting middle of next year. Two stories, apartment on top, garage below. One open, covered space and one enclosed, climate controlled work area. Probably go ahead and make the main building, without finishing the apartment, first and build the rest later. The plan is a “five car garage” but I’d probably reconfigure that substantially. Looking for more like 10 to 16 total.
So what do you think Oppo? Am I crazy? Also, what would be a good strategy to get this property to start generating income for me?