OfflineI recently ventured outside of my norm. I am a aspiring wholesaler in Mississippi. I put up bandit signs and got a lot of responses. Of those responses was one about 60 acres of land. I mean hey everybody wants land right? So I put this raw land, with timber on it under contract in Brookhaven Mississippi. 2 weeks later I'm at a dead end because I have no buyers. What did I do wrong and what can I do to find buyers. The land is priced perfectly to sell, so price isn't the issue. The seller isn't willing to owner finance it. Please help
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Maybe put out more signs, need buyers before you can sell any thing, you need to build buyers list first, the more buyers the better, find out who is buying vacant property, get creative on this property to what can you do with it, much success, Jim
jbischoff
With no owner financing, you basically have to have someone who wants to part with cash. Raw land doesn't generate income, it costs money to hold land. So unless someone has a specific use for the land, the seller is asking them to part with their bag of money to let it sit there and not generate any cash flow. Depends where the land is. Is it out in the middle of nowhere with no utilities or is it close to utilities and suitable for development. Is it feasible to develop into housing or a trailer park, self storage, what zoning, can zoning be changed, etc? Can the land be used for agricultural purposes? You have to figure out a use for the land and solicit those who have a need to put that land to use. How long has the land been for sale and how aggressive has the owner been in selling it, etc. if he has been aggressive in selling it for a period of time, there probably is a reason it hasn't sold. Research who owns existing land in that area. Try to get an idea where the area is going. Go to the city/county planning office and see what the city or county proposes in the area in the way of new roads, zoning, etc. The pool of buyers for raw land is small, but raw land deals can be profitable if you find the right buyer.
Go put out bandit signs that say you have land for sale. Also, post a ad on Craigslist. You can go in the yellow pages and call up builders to see if they are looking to buy land.
Reynold Orozco
seller; has a 6br/2ba 2 story.2700 sq ft owes 18000/mortgage.also owes his brother 12000 for new materials/used for partial rehab,also owes 5000 back taxes. he says he needs 35k to break even.i have talked him down from 45k to 35k to 27k simply by playing the reluctant buyer.the house had been rented but the renters moved apparently,he was getting 900/mo.he is seriously motivated as seller has moved to p.a. house is in ill. i was thinking this would be ideal for a wholesale flip to occupant/buyer or investor who would like to rehab/flip and make some bucks.i was hoping to do assignment to either type buyer,occupant or investor.i have not locked it up as im stuck. the only comps i could find were zillow and ive heard those arent too realiable on accuracy. also the house needs shingles,rough looking not leaking, and a couple gutters put in place.some drywall work inside. i figure at worst all combined the repairs shouldnt be no more than 10k if done without contractors,with contractors well im not sure but labor is real high these days.the zillow comparables showed other similar homes selling for between 70-100k with average being around 80k.again i dont know if thats accurate,as the deal im working on is the only 6br/2ba. the comps were mostly 3-4 br. im stuck because i dont know arv for sure and how do i make sure owner/seller covers the back taxes with sale proceeds instead of leaving end buyer stuck with it? oh and the last time house sold was 2013 for 23k,no liens showing up attached to house by county records at least but ive not ran title search as i dont have alot of money to throw at this,which is why i was trying to find a way to assign like carol stinson has done in deans book.but the way i understand it clear title couldnt be transfered until back taxes are cured.he is not in danger of tax sale etc at least til another year or so. i'm concerned with if i find a buyer, how do i juggle all this with the back taxes etc without having to first close myself or blowing the deal? truth is i couldnt close on it if my life depended on it sooo....any ideas would be greatly appreciated. thanks so much,rick
facts again to make more clear instead of my ramblings; comps show possible arv of 80k, seller has said he will take 27k, has back taxes of 5k, needs repairs of at least 10k....owes 18k to bank,owes brother 12k.no liens attached to house except taxes that i know of so far. and yes i thought of sub to, he wouldnt go for it, and i'm not willing to lease or rent until repairs are completed. he did rent it apparently in its current shape but im not going to be a slumlord lol.
Rgm