Estimating a value on a buildable lot

[David Doyle]

Hi gang hope all is well
I have a oppurtunity to make an offer on 2 buildbale lots in a dense blue collar area in Orange County Calif,,,
My feeling is the seller wants too much for his lots,the truth is,his price is "Too Dear" as my Grandpa from Pennyslyvania would say when we bought collector postage stamps mail order
How do I approach this with intelligence and candor,,?
\This is a once and a while thing ,but i still need to master it when the occasion comes up,,
Building a spec home in L.A would make sense if u could buy the lot right,
I have heard the investor should pay no more than 20% of the APR for the lot
Any help greatly appreciated,props and congrats to J Scott on his new books,,,,,,,
DD in Los Angeles