How do I get numbers to wholesale land?

[Sharlisa Elzy]

Hi everyone,

I think I may be on to something here. My dad owns land where his multi-family building once stood. The building was demolished by the city of Chicago after mysteriously being set on fire and my dad had to pay them off. For what I am not sure. I am a newbie who badly wants to get my first wholesale deal so I asked my dad would he sell and he said yes. I need help finding out what to put the land under contract for. I have no access to MLS and also my dad is not sure what leans are against the property but there is no mortgage. How do i get the right numbers? I would greatly appreciate your help!

[Account Closed]

Land is probably not the best way to start. It is generally more complex than residential. Here are some things that a buyer may need to know about the property, besides liens and comps (comparable sold properties): zoning, setbacks, easements, utility length/connection cost, phase 1/2 soil assessment, survey, legal access, and flood zone. Being that a previous building burned, I would also check to make sure there will be no problems insuring a new structure.

A Realtor probably wont want to help, unless you are doing business with them. For some reason, they don't like to work for free. If you do acquire the services of an agent, make sure that they are a land agent. Your average residential agent knows little about land. Your assessors office may also have sales info. Check their website. A title company can search for liens or other clouds on the title. They will probably help you with some of the property research if you use them for the transaction. 

Good luck.