All Forum Posts by: Richard Yukes

I have had real success selling parcels in Mohave County AZ. Most buyers are from LV, 80 miles to the North. Question: Most of these buyers pay on terms. I need a quality software to track monthly payments, keep tract of current balance, and send out reminders by email. A simple Excel spread sheet wont solve this need. 1099s and splitting income with partners.  Any Suggestion for collections software ?

Also I need to utilize a credit card service to take in monthly payments. Is Square the best choice ?

Richard Yukes in Las Vegas   specializing in vacant land parcels for 45 years

Anne,

I was a stock broker for big NY brokerage houses for fifteen years.  On Thursday, all three major indexes hit all times highs -- for the first time since 1999 (right before the dot com bust). 

Real Estate would offer you diversification.  When Forbes puts out its annual list of the 400 Richest -- quite often real estate is the source of the wealth. 

Consider Vacant Land vs tenant proprieties.  Vacant land has fewer headaches, minimal management.  Own the land for a year and sell it (Long Term Capital Gain benefit) or 1031.   Two final items to consider: you will make your money when you purchase the land i.e. buy it right AND "you will walk a little different on land that you own" a memorable quote I received from a Eastern European refugee (Russian invasion 1952) that was purchasing 80 acres from me in 1981,  He had become a millionaire in America and enjoyed owning Land.  

Land is fun and profitable... and worthy of your portfolio. 

Each State has different disclosure laws.  In Nevada Assignment fees must be disclosed.  Just announce it as a common practice in your local market. And reiterate the strongest selling points of the opportunity.

RY 

I have been investing in vacant land since the mid 70s.

I have accumulated 400 parcels of vacant land ranging in size from ¼ acre to 640 acres, all located in Mohave County Arizona, adjacent to Las Vegas.

I want to develop a team of self starters that are cleaver marketers and give them low cost 90 day options on a handful of these parcels (option cost = $10) - so that they can market the parcels and sell them above my wholesale prices and keep the difference. No license required. This is a great way for young self starters to have a positive real estate experience with a riskless transaction.

Mohave County will experience the construction of Interstate-11 that will connect Las Vegas and Phoenix, and I am confident this major government investment will increase real estate values in the area.

Water rights transfer with the land and Mohave County is blessed with large plentiful aquifers. The County boarders the Grand Canyon, the hundred mile long Lake Mead, the Colorado River, Lake Mohave and Lake Havasu; hence great boating recreation. 

Over the years I have been told that if I were to sell a "High Volume" of parcels the IRS would deem me to be a dealer and profits on parcels held for a year or more would lose their Long Term Capital Gain taxation benefit and be taxed as ordinary income.  I have often asked "How many parcels can I sell in year and not be deemed a dealer?"   and was told the IRS does not define a specific number.  Arbitrary.  Do you have any knowledge or experience regarding at what point an active seller becomes a dealer ?

Richard Yukes