All Forum Posts by: Jon H.

@Evan Miller  Yes, you can wholesale vacant land.  It is a bit of a different process.  One that can reap a much higher return if done properly.  Check with your local building office for the following details.  What is the property zoned for? Are there any wetlands environmental concerns.  Is the property large enough for its zoned purpose.  Is sewer in the area?  If it's on septic what type of system do they require?  Walk the land and check what type of trees, wildlife are on it (possibly change whether it's build-able).  Do as much free research upfront.  Have a few month feasibility-it takes time to hear back from the building agencies.  Get as much done as quickly as you can.  If all is good bring in your buyer.  This is where you need get your buis done quickly.  The next buyer will also want to verify before closing.  Unless of course you have screaming deal...  

There are many other factors you will need to look into.  Too many to list here.  If it's single family residence what is cost of new construction, what is your competition selling for?  Are utilities close by?  What type of utilities? Is gas available?  How much $ are utility connection fees and permit fees? Go through and get a cost estimate which will in turn give you a value of the land :)  This should get you started

@Fe Kelly  Answer will be in the numbers.  What are the financing terms seller is offering?  Cash flow from the properties.  I would recommend leaving your rent out of the equation.  The duplexes should be self sustainable and allow for a PM with cash flow.  That will tell you whether the deal is a deal.

If you have a contingency written in your offer like inspection or feasibility.  Usually about 10 day period from date of signing.   If the property is not too your satisfaction you can cancel the contract within the 10 day period.  I would give written notice to the seller/escrow.

The contingency and time frame are a negotiable item. I've had contracts with 3 month feasibility on SFR. It depends on sellers asking price and motivation, If their motivated and offering a great price. I might offer non-refundable fee with out inspection/feasibility period.

Hope that helps

@Ayana Young  Tax assessments are figured off a algorithm and do not take into account the many features that can add to a properties value.  If you know the county neighborhoods well it can be a guide.  I would not throw away a good lead until you have properly researched.  If you pm I can walk you through it.

@Julie L.undefined  Welcome to the site Julie, It's a great place for quality content.

That is why you hire a title company:)  I know up here in Washington they will not be able to clear title (from the tax foreclosure sale) for about seven years as anybody can claim a legal right to the property within that time frame.  Title & Escrow wouldn't even take my deal because they were unable to insure title.  They said my next best option was to have attorney close the deal.  About $1,400.00.  On the right deal I would take the risk.  The piece of land I was after didn't seem worth it.  Sounds like something to do with the tax sale?

@hannah 

@Hannah Williamsundefined

Nice job, Hopefully all goes well with closing!  @Tyler Leonard  What's your plans with the profits?

Thin Deal, I personally wouldn't move ahead with it as a flip or wholesale.  It will take alot of time and energy that might not come to fruition from that direction. @Chris Ahlemann  Use it as a practice opportunity.  Get bids, do some of the repairs yourself, I have a realtor you can have list it.  Ask for a small fee out of closing $5,000.00 or something.  $25,000.00 sounds like simple repairs.  Might be able to do some yourself and up your fee.  She avoids a short sale, you get experience and both profit!

Thanks Alex, I'm all signed up, hopefully I will see you there!

Looking for meetups!  I want to meet new people who are in real estate Locally.  I attend Reaps and Reiawa.   Looking for others.  Please let me know if there are other meetups in the area!