All Forum Posts by: Kevin Farrell

Joshua,
I use neighbor letters frequently to sell vacant land. The price has to be at about 50% or 60% of comps. The neighbors will have a good idea of the value. My letter has a brief intro and address/legal description followed by an aerial view with the lot boundaries clearly marked.The picture is full width in color and takes up most of the page. This is very important so that the recipients can SEE the lot you are offering. Close with your price and contact information. Good Luck

I would look for a deal where you can get $100 cash flow per month after all expenses. If you can do that with the conservative approach that Kevin Siedlecki mentioned, you will be fine. Run the numbers for better cash flow and make that your offer.

Good Luck.

Andrew S. - BB dogs are a good idea. They cost several hundred dollars and up in Indiana area. Probably worth it when needed.

This is what you want to find in a Pest Control company:

 They are not the cheapest but they stand by their work and are honest.

Originally posted by @Atwan Kwan:

Does anyone no if the work can get certified "bed-bug" free, like lead free inspections?

@Kevin Farrell can I require the tenant to pay for an exterminator that will guarantee the work?

 What you work out with your tenant is between you, the tenant, and local laws.

I don't know of any certified bed bug inspections. If home remedies reduce them to just a few, they can be very hard to find. I tell people "If I find BB, then you have them. However, if I don't find them, it does not mean there are none in the home." I can't prove the absence of BB. That is why I guarantee in writing for 90 days after treatment. The people living in the home will know.

Atwan - I own a pest control company in Indianapolis. Heat treat is usually the most expensive way to treat BB. It is not necessarily the most effective. I recommend that you get quotes from several companies. Ask for a written guarantee. Compare price, guarantee, prep required, etc. For instance, not all firms require removal of all clothes and towels, etc. That is a ton of work for the tenant and they usually don't comply.

Good luck getting this under control. Please use professional help on this problem.

Eric - Definitely deduct the taxes owed from your offer.

I would be very careful with this seller.

Eric - I am a member at LandAcademy. They offer a lot of detailed information on how to do land deals - especially flips. Buy it low so you can sell for about 50% of comps. The goal is to sell in less than 30 days. If there is a buyer that has looked at that area and you offer up something at 50% of comps, he will know it and jump on it.

The backstory on this guy sounds pretty shaky. I would check for liens and back taxes. Then make the low offer. He can take it or leave it and you will feel good about it either way.

I would also add - if you are losing sleep over the deal, don't do it. I bet it you got that lot for $15 you would feel OK.

John - The sellers cash needs should also be irrelevant to your calculated offer. Are you buying this to resell to an end user? To build?

If I wanted to buy and sell FAST, I would offer $15K and sell for $25K. Otherwise I think you will have to hold it for a while until the right guy comes along. If you have some good information about demand for this lot, that might change things.

Obviously, I am coming from a wholesaling perspective. You may be doing a much different investment scheme.

Welcome Jun. Contact me if you visit Indianapolis. Good luck with everything you do.