Wholesaling Land; How to make the best offer?
A little about the property, it is a 42 acer farm that sits 3 miles from the city limits of a town with 150k population, and rapidly growing. It is about 3 miles from the interstate and is next door neighbors with a newly built sub-division. The homes in the subdivisions comp at around 500k. The buyer does not know the value of the home & determined the asking price based off a decision on what they'd like to get out of the property. The owner described the land as mostly flat and partially covered with woods, but we'll see tomorrow. My main concern is giving him and offer that is too high and doesn't leave me with much of a margin of profit for my works, finding him a cash buyer.
What are key questions that I should be asking him when visiting the property tomorrow?
What are some things that developers look for when determining if a plot of land is developable for building homes?
How can I bring attention to the homeowner that his land may not be as worth as much as he thinks it is? I want to make sure it is something that not only works as an opportunity for myself, but for the buyer/developer as well?
Thanks so much in advance!