All Forum Posts by: Joshua Bufford

@Will C.

@Will C.@Nik Moushon

Gents, thank you for your input. The listing price is surely high, we all agree about that. There was one similar property that was under contract at the time that this was listed and I believe the broker was optimistically hoping to fetch a similar price (the other one closed at $8k/acre). Mom and my Aunt got anchored on that price and it's taken some work to move them off of that initial anchoring. 

I think the more realistic price is more in the range of $4K per acre and it may be that we just relist with another broker in that price range, assuming I can get all of the heirs to sign off on it. 

As for subdividing, we've considered that as well, although that would effectively orphan a bit of the land. The two road frontages are nice and there are a number of homesites that could be placed there, but a bunch of the land is then buried in the back.  

@Stephen Glover Thanks for the suggestion. I think the guy my mom and aunt originally hired had good intentions but maybe this was out of his wheelhouse. 

@Nicholas L. I wish that’s what we could do. Some friends and I are looking for a good hunting lease in central Virginia right now. If I were a little closer, I’d be all over it with you! Used to be great grouse, quail and dove hunting there when I was a kid. Happy hunting!

Hey fellow investors! My family has a farm in Dalton Georgia that's been in the family for about 100 yrs. I am a small-time real estate investor in Richmond VA area and others in my family have no experience in development or building. Most of the family have moved or passed away and only 2 older relatives still live nearby in GA. We're trying to figure out a plan for this property and looking for ideas or buyers or partners.

This land is great because:

- There's a lot of road frontage along two roads as it connects in a corner. 

- Topography is nice as it all slopes up to a hill in the center. 

- County water could be available, but lots would also likely perk for well and septic based on the family lots that existed around this one. 

- Land is long-since paid for, so creative financing is an option with the right plan in place. 

Challenges that we already know about are:

- Since my great grandfather passed in 1995 the land has not been farmed and has since grown up so it is wooded but not with pretty trees and would likely need to be cleared. 

- Economics in Dalton GA have been depressed for some time. It's not a growing area in GA. 

- One acre was carved off on one of the road frontages for an aunt's home. She's willing to sell as well and move, but that does break the road frontage on one spot. 

- The property was listed for about a year with a broker at $10K/acre, but really had no action. The listing will not be renewed. 

I'd love to hear your brainstorming on options. Thanks team!

@Teren Cooley I just sent you a direct message. I don't know if I can help, but I am an investor in the Richmond VA area. I'd be willing to come have a look with you and see what you've got. Maybe I can learn something and maybe I could help. - Josh

I clarified rules for VIRGINIA with out Real Estate attorney last week while closing on another property. In VA, if you ever considered investing here, assigning a purchase contract is allowed unless the purchase contract expressly and specifically forbids it. Some form contracts in VA do have that prohibition so that section would just need to be struck and initialed by all parties upon initial execution. The assignment agreement provides details on the wholesale commission, which goes to the settlement statement. It is not lawful to hold a "double close" or a "dry closing" where the wholesaler doesn't bring money to closing. -Josh