Wholesaling Land

[Lakeisha Alston]

I received a call from an owner who is looking to sale land he received through his mother's estate.  The land was listed with a Real-Estate Agent and seemed to be listed for over 6,000 days; which may be an indication that it is priced too high.  However, I've never dealt with land, so I do not know what the typical time frame is when dealing with land.  I'm sure time frames may vary due to the area where the land is located, etc.  There is about 13  acres of land, and according to the owner, it appraised for $900k.  The owner is actually seeking a little more than the $900k.  In conversation with the owner, he informed me that he believes there are certain zoning restrictions in place that wouldn't allow for additional development, but he did not seem to sure.  Again, I have never attempted to wholesale land, and I am not sure where to begin or what steps to take next to even determine if this is worth pursuing.  My thought is that I would need to negotiate with him to see if he would be open to selling the land at a lower price, but I am not sure where to go from there given the land may not be zoned for additional development.  Any assistance/feedback, etc. would be really appreciated.  

[Jeremy Tillotson]

@Assaf Furman @Lakeisha Alston Ok I am a land guy and I know there are not alot of us, but in the last few weeks I have meet a ton of people just looking or wanting to get into land. Is there a new guru going around or something? Or did I not realize how many people actually invest in land. @Patrick Britton actually I sell to other investors and not always to a developer, if the numbers work for me It doesn't matter if I can pass it on to another investor who wants to hold it longer than I do. If I can make my money, I dont need to get the true value or top dollar, especially in land, the guy who wants top dollar may have it listed for 6,000 days lol. Thats like 16 years of holding cost, and opportunity cost.