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Updated about 6 years ago on . Most recent reply
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Rural properties...worth it or not?
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!