Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Wholesaling
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 6 years ago on . Most recent reply

User Stats

63
Posts
33
Votes
David Sussman
  • Investor
  • Indian Trail, NC
33
Votes |
63
Posts

Rural properties...worth it or not?

David Sussman
  • Investor
  • Indian Trail, NC
Posted

SO I've got an appointment with a seller tomorrow, and I'm wondering what the general consensus is about rural properties?  The basic scenario is this:  Lead came from the tax delinquent list.  Seller owns 4 parcels adjacent to each other, all with road access.  They are each 2 acre parcels, total of 8 acres.  Primary home (3/2, roughly 2000sqft) is on one parcel, there are 2 trailers on a couple of the other parcels, one currently rented out month to month, the other is vacant and not live-able, according to seller.  There are also an unknown number of cows, and crappy barn for them to live in.  Not too sure exactly, as I haven't been by there yet.  There's also a small little pond.  

Property records indicate tax values of around $22k per parcel, plus another $90k for the house.  No values listed for the trailers.  Comps are very tough to find, as there just isn't much movement in the immediate vicinity...I've found a couple but nothing great.  

Guy owes about $2k in back taxes.  

He is very motivated to sell, as he is single, older, has health issues, and told me he wants to get something small and manageable, even though he will miss his cows.  

This is in a very rural part of the county, but no more than 20 minutes from a small city, and less than an hour from a mid-large city (Charlotte, NC). 

My concern is this: being so rural and out of the way, is it worth messing around with trying to wholesale properties that are only going to appeal to a smaller pool of buyers?  Also, I guess I'm just not real sure how to go about putting value (if any) on the trailers and farm buildings....heck, I don't even know what he's going to do with his cows, or how to valuate them if he wants to leave them!  (I do love a good steak, so maybe I can get 1 or 2 thrown in...lol)  Long story short, does anyone have any words of wisdom about doing this type of deal?  Thanks in advance!  

  • David Sussman
  • Loading replies...