Site condo, subdivision or other (long)


#1

I’m not sure what I should do with this if anything at all…but here goes.

Let me start out by saying I did attend the bootcamp in Asheville this summer. Thanks to all of you that were there sharing all of your great knowledge!

A parcel of land that I’ve had my eye on came up for auction (bankruptcy)the bidding was scarce and the high bid I thought was pretty low. I talked to the auctioneer after the sale and he indicated that the receiver would probably reject that bid.

They did reject it.

The property is about 14 acres already improved w/water,sewer.storm drains, elect., nat. gas, paved road etc. The previous developer had it platted into 42 lots, built (had pre-fab brought in) 4 homes. One is sold, one is rented, 2 have been sitting for 2 years empty (need some attention now).

How he did this without getting the final plat recorded is beyond me. I’ve talked with the engineer/surveyor that did all the work on this project and when the final plat went to the State level for approval (Michigan), there was an issue with the title or whether that developer (corp.) was operating legally. The developer said screw it and dropped everything.

The engineer told me he would help in any way he could to get the project finished, he suggested if I pick up where they left off the process of platting for a subdivision we would be starting at square one, going back to township, drain commision, road commission, many more meetings and approvals and ultimately back to the State level before recording.

He suggested a Site Condo would be much cheaper, faster and easier to get thru the system.

I’m thinking of manufactured home community or selling a few lots to raise capitol and keep most of the lots to rent and sell the homes. I don’t know enough about site condominium projects to know what I can and cannot do. I understand that a master deed and a set of bylaws would have to be drawn up and a condo association formed but it seems to be alot of legalities and recordkeeping with it. I’ve talked with the township and everything is good in regards to zoning (they approved everything once). The engineer said that the county road commission was there everyday during construction of the road, curb, culdersac etc. The county drain commission was present all thru the storm drain installation and the township engineer said the water and municipal sewer systems should be fine.

I would be able to rent 3 homes within short order for some income. The offer that was rejected was 115k, I’m not sure what they will take but I was thinking of putting in an offer very quickly but I need to know what direction is the best to go forward, I am struggling with that.

Sorry for the long post.

Looking for any input, thank you.

Bob K