TimParticipantStatus: AccountantPosts: 2123Joined: 09/18/2018
No zoning. Simply (haha) permits.
From a developer viewpoint the only advantage is financing the land. That’s about all he/she would be willing to give away. Apartments, townhouse or even commercial (size constraints). The advantage/problem is the area is heavily bi-lingual and gentrifying. Different targets.
My take is becoming a developer is pretty steep learning curve. Doable but a lot of developers fail.
Thanks to all for noodling this. Sticking a sign out sounds a lot easier. We get postcards every week.
Sale is option one.jfoxcpacfpModeratorStatus: Financial Advisor, Accountant, Small Business OwnerPosts: 7326Joined: 01/09/2016
You lost me here.
“And any profits would be subject to FICA taxes. “
Thanks.Click to expand…
Profits from being actively involved in the business of property development as a real estate dealer are considered earned income.
Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~ 270-247-0555
https://fox-cpas.com/for-doctors-only/adventureParticipantStatus: SpousePosts: 1117Joined: 10/24/2016Would you attempt to partner with a developer/builder and what terms?Click to expand…
Nope, too much risk because (I’m assuming) you know little to nothing about development. No possible scenario. You likely have better things to learn than how to be a devleoper, and given you’ll done develop once, seems like a lousy return on that investment of time to try/hope and get a good deal.Would you simply sell it and be done?Click to expand…