EP134 We Help a Listener Decide What To Do with Her Vacant Land, with Maureen Weick and Justin Workman
Recently I received the following email from RPOA member and podcast listener Maureen Weick:
I have 1.5 acres of vacant land in northern Allegan County. I have been trying to decide what to do with it and would love to hear some opinions. These are my questions/thoughts -
1) Do I just sell outright as vacant land? ---Not a fan of this one - I will have capital gains to pay, unless I can manage the sale under a 1031 Exchange
2) Should I put a used double wide trailer there (this is rural lot) and rent it out? If I did that, should I put on a slab or a full basement?
3) Should I build a small home there and rent it out? Again, basement or slab? I hear it is quite expensive to build right now --but will that ever get any better.....?
If this was your property what would you do?
In order to answer these questions I asked Justin Workman to sit down with us and go over Maureen's options. What followed was a lively discussion about 1031 Exchanges, building spec homes, buying mobile homes, and other possible options that will be of interest to any real estate investor.
Enjoy the show. If you have a question you'd like us to consider for the podcast, please send me an email: firstname.lastname@example.org