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Have opportunity to buy commercial lot and small house from motivated sellers. Need advice.

Made contact with out of town owners for two lots.

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One is approximately 1.1 acres of commercially zoned lot. It is very overgrown and has no structures.

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Second is 1/4 acre lot with small two story house that is in need of pretty extensive renovations.

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We just moved into house next door and I wanted to try to get these before someone bought and put a trailer park in it or something. I looked up owners info on property appraiser and sent a typed letter to their address. They called today and we discussed.

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They explained the property has a dark history in their family. Something to do with a brother that took advantage of a relative and is now serving life in prison. They have no plans for either property and asked me what my offer is. I explained I havent done my research yet and just wanted to see if it was available before I put time into it.

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Questions:

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How do I go about researching empty commercial property value? It is in a decent location. Centrally located, but not on a main road. It would be great for a boat or rv storage complex, or a normal storage complex, I just have no idea how much it would take to build something like that or any of the process.

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House property would be a great flip or BRRR. I can work the numbers out on that myself.

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Should I make two separate offers, one for the house, and one for the lot?

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I dont want to low ball them, but I dont really have any plans for the commercial property. I was considering using a HELOC loan to pay cash for it. Pros/cons in doing this?

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Any advice would be appreciated. I just spoke with them today so this is at ground zero.

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State Florida

submitted by /u/OctaveTheory
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source https://www.reddit.com/r/RealEstate/comments/cbpwno/have_opportunity_to_buy_commercial_lot_and_small/
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