Thread: Am I crazy? Can this be done?

You don't say where you live, but it would be my thought that what you are thinking about would be possible in most areas - even if not right in the neighborhood where you live.

Contact some local real estate salespeople and see who has any knowledge about this kind of project. Hire someone to work on YOUR behalf. There are many issues. Zoning, use permits, design and site planning, processing time for all of the above, besides building permit and impact fee costs.

Check it out very well before you make your decision and work with someone who knows how to get you the correct information.

Let's say this:

You find a piece of land, big enough to build 10 TH on 90% of the land and yor garage on the 10% remaining land. Let's say it's a 10 acres land.
You need an owner who is willing to sell it but it doesn't sell well. Let's say the land worth $100,000.
Let's assume you have no money.

You make a deal with the owner, like this:
You will build 10 TH on 9 acres, each TH, let's say worth $50,000
You will give 2 units to him, worthing $100,000, same value than his land. Or you sell those 2 and give the $100,000 in cash to him.
You will sell 7 units to cover construction fee and other expenses.
You will sell the last unit for you to have the money to build your garage on the remaining acre.

Go to the bank once you have sold pre-construction price, 5 or 6 units already, with a contract.
Put the land as collateral as well, with you and the owner as director of a LLC, owning the land.
The bank will lend you the construction money

Originally Posted by NGC-1300

I'm looking to build a small garage with living quarters for my own personal use. Nothing elaborate at all. The problem is, I don't own any land or even a house. I only need enough land to build this small structure; not even 1/3 of a single acre. I don't care if it's in a rural area.

Is it even possible to somehow acquire such a small piece of land????

Any information would be greatly appreciated.

I think tuscan has the right idea.

I know that you can buy a small lot like that around here. I suppose it really depends on your area though.

Originally Posted by Codythebest

Let's say this:

You find a piece of land, big enough to build 10 TH on 90% of the land and yor garage on the 10% remaining land. Let's say it's a 10 acres land.
You need an owner who is willing to sell it but it doesn't sell well. Let's say the land worth $100,000.
Let's assume you have no money.

You make a deal with the owner, like this:
You will build 10 TH on 9 acres, each TH, let's say worth $50,000
You will give 2 units to him, worthing $100,000, same value than his land. Or you sell those 2 and give the $100,000 in cash to him.
You will sell 7 units to cover construction fee and other expenses.
You will sell the last unit for you to have the money to build your garage on the remaining acre.

Go to the bank once you have sold pre-construction price, 5 or 6 units already, with a contract.
Put the land as collateral as well, with you and the owner as director of a LLC, owning the land.
The bank will lend you the construction money

What? He wants to buy a lot for a single garage/apartment, not start a housing development! Don't let this intimidate you.

I'm no expert, I've been looking for about 2 months in Philadelphia where most properties are about the size you're talking about, and yes, their are plenty of vacant lots you could build what you like on. I'm assuming you're not in a city like philadelphia though, given the 'rural area' comment.

My advice would be to call some real estate agents in your area and tell them what you'll looking for. They can help you find a place. The other option if there aren't many small lots in your area is to find someone who owns a good bit of land and offer to buy a small plot from him. You could try putting a 'want to buy' ad on craigslist or contacting owners directly if you see larger pieces of land with a small plot that might work for what you want. I see a lot of houses with those garages in the back behind the back yard facing a back ally that the owner's don't even use. If you're lucky enough to find a guy struggling to pay the mortgage on the main house, you might be doing him a huge favor by buying the garage from him.

Originally Posted by avo81

What? He wants to buy a lot for a single garage/apartment, not start a housing development! Don't let this intimidate you.

I'm no expert, I've been looking for about 2 months in Philadelphia where most properties are about the size you're talking about, and yes, their are plenty of vacant lots you could build what you like on. I'm assuming you're not in a city like philadelphia though, given the 'rural area' comment.

My advice would be to call some real estate agents in your area and tell them what you'll looking for. They can help you find a place. The other option if there aren't many small lots in your area is to find someone who owns a good bit of land and offer to buy a small plot from him. You could try putting a 'want to buy' ad on craigslist or contacting owners directly if you see larger pieces of land with a small plot that might work for what you want. I see a lot of houses with those garages in the back behind the back yard facing a back ally that the owner's don't even use. If you're lucky enough to find a guy struggling to pay the mortgage on the main house, you might be doing him a huge favor by buying the garage from him.

Please check my original post. There are MANY more issues than simply finding a parcel of land that might work.

Zoning, use permits, building codes, set backs, site planning, drainage, building plans, code compliance, use fees, impact fees, construction costs, permits and permits fees, just to begin with. Then there is the construction process and all that goes with that.

Get a pro.

Originally Posted by avo81

What? He wants to buy a lot for a single garage/apartment, not start a housing development! Don't let this intimidate you.

I'm no expert, I've been looking for about 2 months in Philadelphia where most properties are about the size you're talking about, and yes, their are plenty of vacant lots you could build what you like on. I'm assuming you're not in a city like philadelphia though, given the 'rural area' comment.

My advice would be to call some real estate agents in your area and tell them what you'll looking for. They can help you find a place. The other option if there aren't many small lots in your area is to find someone who owns a good bit of land and offer to buy a small plot from him. You could try putting a 'want to buy' ad on craigslist or contacting owners directly if you see larger pieces of land with a small plot that might work for what you want. I see a lot of houses with those garages in the back behind the back yard facing a back ally that the owner's don't even use. If you're lucky enough to find a guy struggling to pay the mortgage on the main house, you might be doing him a huge favor by buying the garage from him.

Yes, you're right. Let me rephrase:
He doesn't have a land or a house but want to build a garage with living quarter on a small piece of land.
Here is the solution:

Go to your bank and withdraw $200,000 and buy a land.
Go to your bank and withdraw $30,000 and hire an architect.
Go to your bank and withdraw $150,000 and build your stuff.

Where's the problem??

Originally Posted by Codythebest

Yes, you're right. Let me rephrase:
He doesn't have a land or a house but want to build a garage with living quarter on a small piece of land.
Here is the solution:

Go to your bank and withdraw $200,000 and buy a land.
Go to your bank and withdraw $30,000 and hire an architect.
Go to your bank and withdraw $150,000 and build your stuff.

Where's the problem??

I just don't feel your response was tailored to what you ascertained from the original post about the prospective buyer's interests, resources, and level of commitment, but rather came across as intimidating and meant to imply that purchasing a piece of land must be a complicated and expensive venture left only to professionals. It is expensive, but it obviously doesn't need to be ten town houses and architectural firms expensive. Small plots of land do exist.

To the OP, I suggest you talk to the pros to help you find what you are looking for, and if you put enough time into the search and are patient, I think you will find something you're happy with.

Originally Posted by tucsonhomes

Please check my original post. There are MANY more issues than simply finding a parcel of land that might work.

Zoning, use permits, building codes, set backs, site planning, drainage, building plans, code compliance, use fees, impact fees, construction costs, permits and permits fees, just to begin with. Then there is the construction process and all that goes with that.

Get a pro.

Agreed. Whatever you end up doing, use a professional real estate agent in the transaction.

Originally Posted by avo81

I just don't feel your response was tailored to what you ascertained from the original post about the prospective buyer's interests, resources, and level of commitment, but rather came across as intimidating and meant to imply that purchasing a piece of land must be a complicated and expensive venture left only to professionals. It is expensive, but it obviously doesn't need to be ten town houses and architectural firms expensive. Small plots of land do exist.

To the OP, I suggest you talk to the pros to help you find what you are looking for, and if you put enough time into the search and are patient, I think you will find something you're happy with.

Completely agreed with your first paragraph here.
It won't help the OP to tell him to search and be patient to find something he'll be happy with...