Now I was reading about the 1450 sq ft build. A baby house maybe. I’d be more inclined toward a squad tent, (i have one 16X32 with a woodstove and 5000 kw generator and string of lights for sale. $3500.00 plus shipping and handling.), or a plains INDIAN Teepee which I also have for $2500.00 plus shipping and handling. Real Buffalo Robes, very soft and heavy, for $3500.00 a piece plus shipping and handling.
Hello Elizabeth, thanks for posting. LandInvestors is a great place for you to start. It is an incredibly valuable tool for newcomers (and old-timers alike) to bounce ideas off other (like-minded) investors, ask questions, share concepts, etc. It’s a remarkably symbiotic community that everyone gets a lot out of. This forum-based site should be the first place you go with questions, and Jack, Jill, myself, and the rest of our staff are on there often helping in addition to our whole community. There is a wealth of free information about selling properties on the site. The Cash Flow from Land Program is also a place that fully covers selling your property. Feel free to email us if you have any questions.
You will need to advertise an email address and phone number for people to contact you so you can field additional questions about the property. Most often, people will want to know if the property is free and clear of any liens or encumbrances including back taxes. They will want to know if there are any other closing costs, Home Owner Association Fees and other details regarding the property. Always be direct when dealing with your customers. If you don't know the answer simply say you don't know and that you'll find out or direct them to the appropriate resource. Typically a surveyor or the local county can help them with what they are looking for.
If you’re looking at a vacant lot in the middle of the desert or near the top of a mountain with nothing around for miles, you will probably want to verify with a professional that water will be accessible if/when you need it (and if your only option is to have it hauled in by truck, you'll want to get an idea for how much this will cost on an ongoing basis).
Hi Dave, thanks for stopping by. You’re right – it’s very hard for me to give you any concrete opinion on this (because there are a lot of factors to weigh with any piece of vacant land). I’d say if you’ve looked at all the potential downsides and established that there won’t be any issues from that end… and if you’ve got a fairly decent idea as to what the property is currently worth (and you’re buying it for a price that is significantly BELOW that number), then sure – there probably is a fair chance that you can make money on it.
An open listing generally brings the same result to a landowner. If you engage several agents to help you sell your property, then no one is responsible for marketing and selling your property. By making it open to everyone, you essentially make it for no one. Why would an agent spend money advertising a property that they have no reasonable guarantee that will produce a return on their investment? When they do, sellers often get the impression that the agent has nothing to offer and is not effective. Good agents will not do that as a standard practice.
Very informative articles, and exchanges. I have a general question about subdivisions. I am looking to sell a 5 acre parcel, that would accommodate about 45 lots. The lots would be sold, with houses built, for a minimum of $750,000 each. Would you say there a rough guide, as to what percentage the cost of land should be for each lot sold? Obviously, the lower the cost of the acquired land, the better for the developer, but I’m just wondering if there is a ‘rule of thumb’ in the business. For example, no more than 25% of a lot’s sale price should go towards the cost of the land? I am not looking to push the buyer to their break-even point, but I want to get a fair price too.
Consulting with a licensed property assessor to fully understand the value of the land you want to sell is important. Get one from an assessor and another from a Real Estate agent and then compare the two estimates. If you want to sell land fast then you should choose the lower of the two estimates and then create your marketing strategy based on that estimate.
A major issue that we see when people try to sell property to their friends is that theyll cut breaks for their friends. Perhaps their friend doesnt have the money, so theyll allow for later payment while transferring the property to their friend. Always ensure that you are engaging in a business deal that is within your best interests. If your friend does not have the money to buy the land, have a contract written up with payment details and guidelines. Never trust someone blindly - this is a business deal and should be treated as one despite your friendship.
Particularly in popular neighborhoods and areas where undeveloped space is limited, purchasing existing property for the sole purpose of building a new structure on the land is fairly common. In many cases, developers and building companies will redevelop multiple properties in a neighborhood, knowing buyers will eat up new, bigger homes where midcentury ranch houses once stood.
Comparables for land can be trickier than for home sales in your area. Although the assessor's valuation on your taxes can provide a starting point, consider factors like whether your property has utilities to the property line, views, zoning and any preapproved building plans to determine its worth. Location is always one of the most critical factors. In San Francisco's Pacific Heights area, for example, a buildable cul-de-sac lot of less than 4,000 square feet can sell for more than $9 million.
I am looking at a property in Spanish Fort, Alabama. The neighborhood development began prior to the 2008 crash and sat for years. A house has started being built on a lot in 2013. A crack formed in the foundation of the house, and a stop work was ordered by the city. At this point my thought was to buy the property, scrap the house (its still sitting in the beginning stages after 3 years) and start over. The property now has made a mess in the neighbors yard for a over two years. 1) can the run off problem be fixed (its a huge mess) 2) how can a person get copies of photos (topography) of the property before the development started by the builders? These copies would have been from around 2006. I heard seeing the natural lay of the land could be very important when deciding if this run off problem is fixable. Thanks you for any help you can offer. I am just fearful of purchasing a huge nightmare that can’t be fixed.
It depends on a number of factors, are you trying to find cash buyers for your land, what is your time frame to sell the land, and are you trying to get full market value for the property, and how much work do you want to do to sell it? Depending on your answer to those questions the method by which you decide to list and market the property is going to be different.
These are the questions I ask myself before I buy any piece of vacant land. This isn't intended to be an all-inclusive list of EVERY possible issue you could ever encounter, but I’d say it covers about 95% of the potential concerns you ought to be aware of. Most of these issues come up very infrequently, but they are very important things to consider nonetheless. Remember, you don't need to be afraid of buying vacant land. You just need to be informed.
Wow, it was a very good read indeed. I like how this article provided so much good information when it comes to real estate investment. I have my own real estate agency myself and I really like reading the sorts of these, here is another good read before buying a housee. I have learned a few tricks from it and anyone who’s interested in real estate will have a great time with it, too.
Learn to evaluate the risks and rewards of subdividing land into residential lots. In this first of three articles on the subject, a developer and real estate lawyer provides landowners specific items to evaluate when considering whether or not to subdivide land. Come back for the next articles in this series that provide insights for landowners based on the author’s real world experiences with the subdivision process, as well as a hands-on description of the steps landowners should take when subdividing land.
When you are buying and selling lots and land, working directly is often the best way to go. Agents don’t typically put in the time or energy that they’d put into a selling a house. Comparatively, the commissions are low, and the land market is slow. When a parcel is listed on the MLS, the price is often inflated to cover commissions and other fees that will offset the seller’s profit. Typically there is less money and less effort put into marketing a piece of land, so it ends up sitting there, with the price being slashed time and time again.
Your buyer profile can depend on what type of property you are selling, whether the land has been developed already, its location and market conditions, among other criteria. Is your likely buyer an individual looking for a lot for a new home? Or is your buyer going to be a builder or developer looking for land for their next project? Or is your buyer some combination of those, or someone different altogether? There may be different buyers for finished lots, rural acreage or a parcel of suburban land in a thriving new home market.