Getting Leads for Vacant Lots in Dallas-Fort Worth, Not Sure How to Handle

[Daren H.]

In the past month I have been getting calls from Sellers with vacant land. I am not targeting vacant land (but the properties are on a code violation marketing list that includes a little bit of everything). The most recent calls I received yesterday were from sellers with vacant lots. One owner has lived out of country for the past decade and said she intends to retire soon out of country and has no use for the land (~2 acres zoned for SFR) and would like to sell (I noticed she tried to sell it on the MLS early this year but listing expired). The other owner has 2 vacant lots zoned for commercial use. He lives in state but has moved 6 hours away from Dallas. He said he has no need for the land anymore and wants to sell it.

I am not familiar with how to value land nor the due diligence required to buy it and sell it. Getting the calls has raised my interest in how to monetize these types of leads. I have been reading through various forum posts and I listened to the @Seth Williams podcast today trying to get a general understanding.  It just feels very complicated on the surface. I don't think I am interested in a long term play of buying and holding it for years but I am interested in learning other ways to monetize (get in and out quickly).  Any advice is welcomed on how to pursue these leads. In the meantime I will keep pouring through previous forum posts for useful and current information. Thanks in advance!!

[Seth Williams]

All good questions @Daren H. - you could always try to wholesale those parcels of land if you can get them under contract with an assignment clause, but honestly - I think you'll find that buyers for vacant land are a bit fewer & further between.

Your question about land valuation is actually a pretty deep topic - because it's not nearly as easy to come up with a legitimate, dependable value on land (compared to the process of valuing a generic residential building).

If you want to learn more, I've gone into great detail on the subject right. Believe me - it really is an art AND a science.