All Forum Posts by: Mona B.

Quote from @Karen Margrave:

We've leased to State and Federal Agencies, and every agency is different in how they handle their real estate transactions. They all have to put their space needs out to bid, and it can be a long drawn out process. Tenant improvements can be very expensive to put in. We've had to install bullet proof glass, leaded drywall, have a purchase contract actually read into the Congressional Record. For 900 sq. ft. I wouldn't consider it, but that's me.

Hello @Karen Margrave. I was interested to learn if you still lease with the Fed. Gov.? I just renewed my SAM.gov status and am seeking to apply to some of the listed leasing bids, but wanted to understand more on whether it's common to acquire them as tenants through subleasing, informing the owner & getting authority to lease, or I'd have to own the commercial/residential property out-right? Sidenote: I'm mostly targeting "set-aside" bids. 

@Christopher Sparacino There is a lot of great information/experience being shared here. Personally, after 4 yrs. attempting to wholesale SF, my first deal was vacant land. YouTube University (as the young ppl call it these days) can give you a great foundation for learning how to flip/wholesale land. Some ppl/resources include: BP's YT channel (of course), Joe McCall, Jack Bosch - who spoke at a local CFRI meeting, and Flipping Mastery TV (showcases flipping/wholesaling related topics in general). 

When I became interested in vacant land, I viewed flipping and wholesaling as two different processes with similarities. Flipping vacant land involves your purchase of the property with your own personal funds or transactional funds/lending (i.e.: double close), or you have been the original property owner for some time. Wholesaling vacant lots can be done as well since you would be assigning your contract on the property; however, be aware of state laws, the NAR and state Association regulations, and how the investor community of your niche regards real estate wholesaling.

Other things to consider are having an understanding of the documents needed to complete a transaction and having a solid list of end buyers/developers - research and compile lists for both! Having worked in real estate litigation as a legal assist/paralegal for over 8 yrs., try to find and work with investor experienced and friendly attorneys to either provide the paperwork or review your paperwork. Regarding buyers/developers, its best to connect with them and learn their buying criteria and due diligence period before getting under contract for a property. Depending on the conditions of the land and buyers'/developers' criteria, some perform their own due diligence and others may require you to complete the due diligence (and other prerequisites).

Lastly, as @Greg C. mentioned, do consider expanding to 3 - 5 county areas within your market of choice for vacant land flipping/wholesaling.  

I hope you find the above information helpful and best wishes on your journey!

@Kelly Boulton Thank you for the follow-up. I ended up designing a "teaser" similar to what you described (i.e.: summary points, price, pitch, no address, etc...) for the $1m+ property. The plan is to begin forwarding it to my contacts by the end of this week and hopefully get buyer feedback before following up the listing agent/broker - if there's buyer interest. 

I'll send you a direct message :) .

@Kelly Boulton ...after some more research, it looks like I could create "teaser" deal descriptions for my direct buyers in order to get feedback.  

Quote from @Kelly Boulton:

I agree with John.  I would make sure you have secured a buyer before going under contract. Realtor or not.  If you have a mid-size developer connection, have you brought the deal to them?They would likely be very open about how much they would pay for land, which would give you a better idea on the offer to make the seller.

How long has the seller had the property for sale?  Everyone says they won't go below *$* until they see a legitimate offer, or are tired of waiting it out.  Good Luck!

I haven't tried this before...I would love to send my contacts potential leads to really gauge their price points as they haven't said any numbers specifically when previously asked. Would I just forward the information (w/o the exact address) and images of the lot to get their feedback? Would I need to be concerned with them closing on the lead themselves since I haven't signed a contract yet? 

@John Karg I initially thought about doing such when there's a complicated leads. I'll have to learn more about my end buyers and if they'd be ok with that. Thank you for the reply.

Hi BP,

I’ve been interested in double closing on a lake front property within Central FL and wanted to propose an offer range from $1.6 - $1.7m based on my analysis. It is 2.5 acres with over 15 undeveloped residential vacant lots that are platted; no comps. Previous due diligence, planning, and City permits completed. The seller is asking for $3.5m and stated he has refused offers below $3m, but is willing to review all offers.

As mentioned, I would double close with a builder/developer as the end buyer. So far, I have connected with mid to large size developers, but don’t want to contract with the seller if $3+m is seeking too much from my end buyer for 2.5 acres.

Would greatly appreciate any feedback from any vacant land wholesalers or builders/developers . Thank you!

@Bryant Brislin Do you have on your team a real estate attorney experienced in working with investors? I'm finding very few here experienced with investors. Would welcome any referrals. 

@Bryant Brislin Thank you for the reply. I didn't think to take on the larger tracks under my brokerage - wise point! Another vacant lot wholesaler stated they complete the due diligence surveys and reports (i.e.: Topo, Geotech, etc...) themselves with local vendors when working with larger tracks and then present the info to the larger homebuilders. Have you ever do so in your experience? 

Hi BP Community!

I’ve recently began efforts into wholesaling vacant land and was interested to learn if there were any active vacant land wholesalers that could share what they’re experiencing in the FL market with sellers/owners...? I’ve been able to secure buyers/builders (midsize and large) and focusing on their areas of purchase, so I was going to use cold calling and texting to contact owners to see if I’d get traction through those methods first – but I’m also concerned about compliance issues with “A2P 10DLC” : / .

Greatly appreciate any constructive feedback 😊!