All Forum Posts by: Pono Wright

So I just received this message from a title company on some land that I will be purchasing with a title company (chosen by the seller to make them feel more comfortable) in a few days:

"Just to let you know, we do not search or insure mineral rights.

We can add verbiage to the deed-as an accommodation only."

I'm assuming that this is sufficient enough for me to acquire the mineral rights!?...any thoughts.

@Clint ShelleyI was under the same impression. I see your point with the title companies...unfortunately for me I don't have a lot of options where I'm buying,(In the sticks...haha)

@Jerry W.  Thanks for the great advice

@Karen Margrave  Thank you for the reference...it's been a while since the last time I was on here & totally forgot to search the site before starting a discussion. 

@Paul Choate Thanks for the advice...I'm gonna have to dig more into it cause I thought the exact same thing but everytime I talk to the county...no one seems to be able to give me a straight answer & title says that they don't get involved in mineral rights. I really hope your right. haha

Recently I have been purchasing a lot of land & turning them into payments for deed with pretty good success. Many of the clients that I buy land from have the mineral rights but I am having a hard time figuring out the process of putting the mineral rights in my name.( From what I know, just stating on title is not enough & title companies say they don't do it either.) Does anyone know the extra steps I need to do to obtain the mineral rights when I buy the property? My purchases are mainly focused in Nevada.

Anything will help. 

Thanks

@Gavin Welch Thanks for that suggestion, that's what I was hoping to get out of this forum post. @Todd Curtis  Me being so new & open to this strategy, those are great suggestions that I needed to kinda get my feet wet.

Thanks Again guys

@Walt Payne  Thank you for that small checklist to start off with. That's exactly what I was looking for. I'm finishing up that checklist tomorrow. Big help..Thank you. @Elizabeth Colegrove That is also the kind of ideas I was looking for...I will definitely have to get more familiar with how all that works before I move forward with a transaction like that. @Matthew Loring That will be the first thing I listen to in the morning. 

Thank you so much for your suggestions & tips.

I typically focus on land contracts but every now & than I get contacted by motivated  people who want to sell there house. I hear a lot of people talking about wholesaling/ owner carry & learn more about it being that I get submissions from time to time. 

The possible deal: owner owes $130k & the house is worth $150k. Can someone give me ideas if there is a possible deal here or is there not enough equity to work with.

How do other people sort through lists? I am a huge fan of podcast 39 with @sethwilliams about investing in Land & selling it through owner financing. So far, it's worked out pretty good for me but wanna step things up a bit. The hard part is combing through lists that are sometimes 30pgs long(tax delinquent list straight from the county)which could literally take hours or even days. As of now I use a program that was quite pricey which works great...if I could figure out how to basically write code. As of now, I pay a PC guy to implement my software & extract all the info I need (per county). My question, besides buying a list from list source or other services like that...does anyone know of any other software that can extract data from websites fairly quickly that is a little more people friendly???

I am lease optioning Land Deals & looking for software to organize & keep track of all my clients & properties in the future. I've been using a excel spead sheet thus far but wondering if there's some kind of software that is made for exactly this situation.

Tyson,

Here is a snapshot of my most recent purchase:

I purchased 6 40acre & 2 45acre parcels in Pershing NV. (closest city is lovelock) There location was pretty good being that it has road access & about 30 Min away from Rye Patch Resevoir. I sold 2 right away to my buddy who taught me this method for my purchase price & am currently selling the remaining 6.

Get a value: I got my value doing tons of research on what land was going for on other sites: ebay, competition, realtors etc. I found that this was really the only way being that a real appraisal would've been a couple thousand.

Price & size: I saw that most properties of this size were getting about 12k-15k(I a paid $2500 for each parcel) & more depending on what you offered with the property. Ex: mineral rights (huge), well, septic, surveyed & staked, road access...mine have nothing but road access which is a big bonus.

Selling techniques & sales price: creating a buyers list is huge but it will take time...so you gotta be patient on that one. Sites that I have used are: Backpage,Craigslist, Ebay,Land &farm but so far the only one that gets me inquiries is Landwatch.There kinda pricey but once you start to sell a few through lease option it will cover the cost. I price my land at mid market value for lease option & half of that for a sale price. Ex. If the property is worth 12K, I'll sell it for 10k(be competitive) through lease option with 4-5 different payment options or a BUY IT NOW PRICE of $5k so that I can buy more land NOW.

It's been 2 months since I've acquired the 6 properties & I've sold 2 total, 1 buy it now & 1 with payments only advertising on Landwatch.

So far I really like this method of investing & hope to be at @Seth Williams level one day.