All Forum Posts by: Lakeisha Alston

@Kevin Page thank you for the feedback.  

Thanks Jeremy'

@Kevin Page how do I go about finding the true value of land?  It was definitely listed for over 6000 days at the appraisal price, but in my most recent conversation with him, he stated he knows he cannot get the appraisal amount.  Thank you for your feedback. 

I just spoke with the owner again, and he realizes his land will not sell for the appraisal amount.  At this point, he just wants an offer because he needs the money.  I posted on another forum, and someone stated that land should be wholesaled at 50% of the appraisal price?  @Jeremy Tillotson what are your thoughts?  I plan on going to the planning department once I get back into town to verify zoning restrictions.  The owner said the toll brothers wanted to buy the property right before the market went under, and when the market began to tank, Toll Brothers backed out.  He also stated the property was originally zoned for rural agriculture, but apparently the Toll Brothers took the necessary steps to ensure the land could be developed for residential purposes.  I still plan on going to the planning dept for confirmation.  

@Jeremy Tillotson I actually received a call from the owner through my direct mail campaign.  When the I first received the call I followed up with my "mentor" and he couldn't recommend or suggest any strategies on moving forward.  He basically said I should just walk away from it.  I didn't know what to do with it, so I walked away.  It just so happen that the owner called me back.  I wish I would have presented the situation on BP previously instead of walking away.  I certainly will not walk away without negotiating or without knowing what the land is actually zoned for, etc. 

@Patrick Britton thank you for your feedback. There is definitely new construction around the property, but I do not believe its been within the last 6 months. It may be more like a year or two, but I'm not sure. That's something else I will need to look into. Before I completely walk away from this, I have a few follow up actions I would like to pursue. I do not have any developer buddies, but is it possible to develop those relationships? I'm sure the possibility is there, but it also may take some time to do so. Again, thanks for the feedback.

@Jeremy Tillotson...you are right, he is not in a hurry to sale, but according to him he definitely wants to get rid of it .  However, the price has to be right.  Thank you for the feedback. 

I received a call from an owner who is looking to sale land he received through his mother's estate.  The land was listed with a Real-Estate Agent and seemed to be listed for over 6,000 days; which may be an indication that it is priced too high.  However, I've never dealt with land, so I do not know what the typical time frame is when dealing with land.  I'm sure time frames may vary due to the area where the land is located, etc.  There is about 13  acres of land, and according to the owner, it appraised for $900k.  The owner is actually seeking a little more than the $900k.  In conversation with the owner, he informed me that he believes there are certain zoning restrictions in place that wouldn't allow for additional development, but he did not seem to sure.  Again, I have never attempted to wholesale land, and I am not sure where to begin or what steps to take next to even determine if this is worth pursuing.  My thought is that I would need to negotiate with him to see if he would be open to selling the land at a lower price, but I am not sure where to go from there given the land may not be zoned for additional development.  Any assistance/feedback, etc. would be really appreciated.  

Good morning Phillip, 

I will try to email you as soon as possible.  I apologize for the delay, but I have been pretty busy.  

Thanks.

@Jeff S. the information you have provided is invaluable.  Thank you so much!