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WiseOwl58
WiseOwl58, Lawyer
Category: Real Estate Law
Satisfied Customers: 3686
Experience:  Experienced real estate lawyer and real estate broker.
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I am thinking about tearing down some old houses (four) and

Customer Question

I am thinking about tearing down some old houses (four) and building some condo like housing. The area is in a blighted area in front of a high school and on a busy through fare
The area is picking up though , light rail is going to be built close to the area, Houston , Texas). A junior college is about a mile down the road. Are there grants out there , I could secure. Where could I get financing. I am a senior citizen, but still viable . Should I let it be and sell it or jump in? I do have adult children. One is in real estate and is planning to get his master's degree in real estate, he lives in another state though? I get letters every day from people investors wanting to buy it at a steal.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  WiseOwl58 replied 1 year ago.
You should do the demo, and once the land is cleared, see what kind of offers you can get. It would be worth the money to demolish the houses and then try to sell the property as vacant land. That will get you the fastest and easiest return, if you just bulldoze the old houses there and sell it to a developer ready to build. I have done this many times, and you can find a cheap demolition contractor to do the wrecking of the four houses. Please rate the anwer 4 or 5 and close out the question. Good luck to you. I wish you all the best.
Expert:  WiseOwl58 replied 1 year ago.
Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.
Customer: replied 1 year ago.
you did not mention how I could develop it myself or my heirs, You did not mention any type of grants that would help fund a project of housing in the blighted area I describe. or how I could secure finance for the project.