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Updated almost 2 years ago on . Most recent reply
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Wholesaling Land, Beginner, Temple TX, Any Advice Appreciated
Hey everyone, this is a new guy question. So I've always been one to jump into the shark tank and then learn to swim. I have two LTR's thanks to the VA loan and one STR all doing well. I wanted to build up some cash and fell into Wholesaling thanks to the MM podcast. I decided to start with trying to Wholesale land because that's what the podcast talked about. I live in Temple, TX and decided to look for the vacant land in the area that had tax liens against it. I compiled the 50 free properties you get with the seven day trial went to Walmart, bought the 50 pack of assorted cards, and hand wrote 50 cards to these people saying the usual, I want to buy your land.. close quickly…. Etc., Etc. then sent them off on Monday morning. I mean no one was actually going to call me right? Well yup got a call today from someone who is ready to sell their land. Propstream says they have multiple liens LABOR EXPENSES, UNPAID HAZARDOUS WASTE, WEED ABATEMENT and I cant really find anything across Zillow, Redfin, or Propstream that gives accurate comps so I don't really have a starting point on what to offer. Also don't really have a good distance/ direction on putting it under contract. If it turns out this is a good deal where can I find a blanket contract with an assignment clause in it? BP Premium? Additionally, I was planning on using the cash buyers list on propstream/ calling local title companies to find a buyer, is this a good starting point? Any recommendations/ advice is welcome thank you all for your time.
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Quote from @Eliott Elias:
Hire a realtor in the area to run comps for you, use a 1-4 TREC contract. All contracts in Texas are assignable, use Netco title they are familiar with assignments.
follow-up question, how would I work with the realtor? they aren't supposed to give me comps out of the kindness of their own heart are they?