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VinnyVincent

Totally clueless and looking to develop with limited funds

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Hi I am looking into getting a vacant lot and building on it.

I'm actually just kind of thinking of making a small structure kind of like a house where I can have meets, sort of like a club I guess...something just as a hobby/for fun where if I lose interest I can sell and maybe get my money back or even make a profit.

 

Is this a dumb idea?

I'm seeing a lot of property in the area for 5-15 thousand dollars. honestly right now I only have about 15K but I am saving up gradually.

I would like to buy some property cash and just build a basic structure for shelter, maybe run it off solar...I'm not even so sure it would need running water to start. Just a basic shelter to hang out at after work in the evenings.

 

Is this idea even possible?

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Anything is possible.  But, keep in mind that there are building codes that you will need to conform to and there may well be land use ordinances too.  Can you build a "garage/storage building"?  Maybe.  Can you build a residence without water?  No.  Can you put some kind of prefabbed modular building on the site?  Maybe.  Can you use any of this legally as a "club house"?   A residence?  Yes.  The others?  Maybe, maybe not.

 

The costs of doing what you want aren't trivial.  You will need to pay taxes every year.  You will need to have insurance and maintain it.

 

 

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If you want to dab into real estate, I would suggest starting off buying a rental home. Even then, I would suggest spending at least 6 months researching everything associated with being a landlord.

 

Development right off the bat is just asking for trouble. Getting an occupancy permit for a club will require running water, bathrooms, electricity, and adequate parking for the club. 

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