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Updated almost 10 years ago,
Wholesaling land: what am I missing?
Hi BP Community,
I'm seeking any other ideas on who to sell some land I have under contract.
I followed the advice from a previous forum and other resources to help me figure the price of the land and what homes would go for in the neighborhood. I checked the property records for zoning and I know the land used to have a home and a business on the lots, so I "assume" there is existing sewage.
I've marketed the lots to a couple developers in the area (one on the same street), my buyers list, craigslist, my network. I've gotten a little interest, but no one solid. In fact, they eventually "change their minds."
I've lowered my fee drastically. I assume, this being my first land deal, I could have overpriced it. But still no action.
What am I missing?
Some of the feedback I've received:
Too far down the street (corner lot)
Close the the railroad tracks (across the street)
The second lot is too narrow (side by side lots, single owner)
Not a great neighborhood (homes are going for 2's & 3's so I don't get it really)
Not their ideal location (preferences outside the city, Fulton county or OTP)
No one has said the price was too high.
Any insight I would greatly appreciate!
Thanks,
Iris