OfflineQuick Question. There is a mall going up in my area and they have about 1/2 acre of land that is for sale RIGHT next to it. It is alreay escavated and all for building on so it can be part of the mall. How hard would it be to lock that up into contract being a commercial property and all? Just curious.
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If it's for sale, it shouldn't be hard at all. But if the land is zoned for commercial you will have a larger down payment for commercial property. Also, keep in mind that unimproved land is risky. It doesn't generate any income and could sit awhile.
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If its RIGHT next door to the mall, the owner probably has a pretty good idea what its value is ie HUGE. So its worth pursuing but dont be surprised if there is no deal there.