wholesaling land to developer

[Sarah Barrott]

I have an opportunity to purchase some land through owner financing but the owner wants a 5 year note, 5% interest rate and $30,000 down.  It's a $150,000 piece of land.  If I were to turn around and wholesale it to a developer it would be worth it.  It's 29 acres.  However, the developer I recently talked to won't be ready to start looking at a wholesale deal until November.  I am just starting real estate and have quit my job and my husband has quit his to do this full time.  Is it worth getting under contract with this deal to potentially wholesale?  If it fell through or we couldn't wholesale it quickly, we are looking at a ridiculous monthly payment that we can't necessarily afford until we could do something with it.

[Wayne Brooks]

30 acres, worth around $5k/acre.....indicates it has no development value whatsoever. Vacant land typically takes longer to sell....and if you do find a buyer who wants to develop, they’ll probably want 6 mo.s or so for due diligence/zoning approval, etc.