Find Your Highest and Best Use


The “Highest and Best Use” is a different way of looking at real estate….but more importantly a different way of looking at life. When we understand the “Wealth Follows Worth” principals, Highest and Best Use becomes easily understandable also.

The premise behind this principle is not to look at real estate how we find it, but to see it for what it can be.  A great example of this principle is one of the very first deals I did in my career. I found a little home that was on a large corner lot. The property had been for sale for over 100 days in a fairly brisk market.  I happened to know the listing agent, so I called and asked him why his property hadn’t sold.

I was quite surprised to hear him speak of how impressive the deal was. He told me that the home was on a large enough lot to subdivide the back portion of the lot off of the front of the lot to yield an additional building lot.  He explained that I could do a light remodel on the front house and sell it for a very small profit, but that I could then sell the back lot off for a handsome profit.

I was very intrigued.  I wasn’t afraid of a little work so I headed down to the city, where they immediately confirmed everything that I had been told by the agent.  I immediately made an offer, closed on the home and got to work. With a little extra digging, I found out that the lot in the back of the home was actually large enough to put a set of twin homes or two attached houses there, instead of just the one I was sure of getting.

I ended up subdividing the back lot off, selling it to a builder for a nice profit, keeping the front house for a few years as a rental and eventually selling it for a small profit as well.

I was hooked on the “Highest and Best Use” premise. Why didn’t anyone else see what I learned to be a very profitable deal? What other options were there out in the market to obtain deals like this? I immediately decided to start full scale looking at properties for what they can be, instead of what they are.  This principle has served me very well over the years as I’ve gotten better and better at it. Here are just a few more examples of this principle:

  • Subdivision of Raw Ground into lots
  • Condo Conversions from apartment buildings to single units
  • Condo Conversions from office buildings to single office units
  • Condo Conversions of medical facilities to single medical offices
  • Conversions of large apartment complexes consisting of many buildings into smaller sized apartment buildings
  • Turning single family homes into multi-family properties
  • Converting hotels into apartments or condos
  • Converting single family homes into student rentals with larger numbers of tenants
  • Turning regular purchase into Seller Financing purchases
  • Parking lots into individually owned parking stalls
  • Converting storage facilities into individually owned storage stalls
  • Mobile home parks into individually owned slips for mobile homes

Once you understand how this technique works, you will never look at real estate again.  Anyone can try and do the tried and tired buy low and sell high techniques.  There are only so many of those deals out there at any given time.  Highest and Best Use opens up so many more deals…….that many others are not seeing.

Additionally, Highest and Best Use is a personal technique and approach also.  Are you personally operating at your highest and best use?  Is there more that you can do and become?  Stop looking at yourself for what you are and start getting busy seeing all that you could become with the “Wealth Follows Worth” techniques and program.

YOU ARE WORTH IT!!!!!

Real Estate Articles

Highest and Best Use

Highest and Best Use

The “Highest and Best Use” is a different way of looking at real estate….but more importantly a different way of looking at life.  When we understand the “Wealth Follows Worth” principals, Highest and Best Use becomes easily understandable also. The premise behind...

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