Develop, Develop & Build, Or Spec Houses?
I am a part time real estate investor and developer. I just completed my first development that was 20 acres in FL. We sold all the lots to one builder. I was in and out in 12 months.
I have relocated to Tampa, FL, where I am not interested in developing some land here. I have three different strategies which I can persue and I am looking for some advice.
Option 1: Buy some land (20 + ac.) on the outskirts of Tampa, develop and sell the lots to builders.
Option 2: Buy 1 or 2 adjoining parcels in South Tampa, tear down the home(s), and build a quad of luxury townhouses, sell the townhouses retail.
Option 3: Buy 1 vacant lot or tear down and build a spec house in South Tampa and sell retail.
I am looking for a project to last no longer than 12 months, require the least amount of involvment, and have healthy returns.
My team is structured as such:
Partner 1: money partner (400,000k +)
Partner 2: project manager
Partner 3: experienced
Any comments or suggestions would be great. After being long winded, my true question is which option will require the least amount of my time with the greatest returns?
Thanks
Did you really mean to say...
"where I am NOT interested in developing some land here"
???
Thank you for that..."where I am now interested..."