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Need to sell adjoining properties- Advice

1,048 Views | 6 Replies | Last: 3 yr ago by Mas89
Texasclipper
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AG
Looking for some advice. My parents and I have adjoining properties in the Alvin/Friendswood area that total 10 acres. I have 4 and they have 6. Neighborhood is outside the city limits and has no restrictions or HOA. About a 35 mile commute to downtown Houston.

They have a 2400 sq ft house that is 55 years old, never been updated but has new roof this year. AC is less than 5 years old. They had a total repipe and new electric panels within the last 10 years. They also have a 3 car garage, 2.5 car workshop, and a 27x50 metal building. I suspect they have foundation issues with the house and the kitchen, den, formals are from the 60s.

I have a 2900 sq ft house that is 23 years old. New roof, new AC within the past year. Oversized 2 car garage. Kitchen is 90s. House is in good shape, no structural issues, and has bell bottom slab. Kitchen, carpet, floors need updating but work fine. Interior and exterior could stand paint but looks fine.

The metal building is in between the houses on my parents side with a concrete driveway connecting the two places going past the metal building. The electric for the metal building is tied to my house. Basically you can drive up either drive from the street to either house, over to the metal building, and then out the other drive.

Both places have mature oak and pine trees and neither house flooded in Harvey.

We want to sell both places because my folks are reaching the point of being unable to care for the amount of land they have and its too much work for me to care for both theirs and mine too. Also would like to move away from the coast to the BCS area.

I don't want to spend any money on the places unless there is a 100% return on investment. I need the equity from my place to buy another place.

Is selling both together a decent option? Or plan on selling separate and remove the electric connection to my dad's building from my place.

Any advice on how to handle? Timeframe is about 12-18 months
SteveBott
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AG
Both lots will be easier to finance if you split to 2 single family detached properties. And you can sell independently form each other.
redaszag99
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If you are actually in Friendswood ISD the land is worth at least $100k an acre.

Texasclipper
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AG
Unfortunately, I'm about 2500 feet away from FISD and in AISD.

Properties are separate except for the drive and the electric connection. I can fence off that side of my property and remove the electric connection. I'd like to avoid building a fence though.
evestor1
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With small details you gave and no plat or survey my opinion is to sell separate.


I just worked on a sell and search in your area. There are going to be many many more buyers for your place if it is separate.
Red Pear Realty
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Sponsor
AG
I'm doing build for rent housing and would be interested in discussing purchasing these two lots from y'all at a fair price, or even potentially JV'ing with y'all if you are interested. If it doesn't work for me and my investors, I'd be happy to help you sell them. Feel free to shoot me a PM or text/email (my contact info is in my profile).
Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty
Mas89
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AG
Can you sell some of the one acre lots prior to selling the homes and lots they sit on? Do they each have their own road frontage?
I was recently amazed to see some rural one acre lots sell for 80k per lot in an area where ten acre tracts routinely sell for 20-30k per acre. Especially knowing that the seller had purchased the ten acre tract for 15k per acre about seven years ago and then subdivided it into 1 acre lots.
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