Hi Giselle – all of the properties I’ve bought have been SUPER cheap, so I’ve always just paid with cash. I have done plenty of seller financing when I’ve sold properties, but not so much when I’m buying. However, what you’re saying could certainly be a feasible way to get properties without taking out a hard money loan – you’d just have to find a seller who is willing to work with this kind of arrangement and then hold their hand to make sure they understand the process and that everything is being done correctly (paperwork, recording, processing of payments). There are a lot of additional moving pieces when seller financing enters the picture, but for the right deal, it could absolutely be worth all extra effort.
Whether you are working with a real estate agent or not, we absolutely encourage you or your agent to target your marketing to the right types of buyers. Adding a development parcel or lots to a general real estate listing site, or even MLS, just doesn’t get your property the exposure you would want to builders, developers, investors that are actually looking to buy this type of property.
To cut to the chase, selling a rehab home can be very challenging as you are trying to sell a drab of a house, a house that was once tattered and yet you transformed it into something that is undeniably gorgeous and make sure it is marketable and profitable. This is the goal when you want to venture into selling rehab homes as a real estate investor.
That's tricky. It is not as easy to find a buyer for land as it is for a residence. Not all buyers have the resources or the vision to do a project like that. I would say try marketing to a builder that will put something on it, or try marketing to those that would like to build. First, and most important is location. What is in the area. Is it a highly sought after residential area, is it a commercial area. Know what your zoning is, and who this piece of property would appeal to. You have to have some kind of a vision for who it would suit in order to know who and where to market it.
Amazing and brilliant ideas and really thanks for sharing them, I will join a new property management company next month as sales manager and they have around 790 units for sale from villas to an Appartments and this field is so new to me and I know it will be a big challenge since the market is down and economic situation is not that much good, your ideas helps me a lot and would appreciate if you or any other would share another smart ideas of how to reach buyers and how to manage my team in my first month so I will take the lead
Other options to consider are selling your land with owner financing which makes it easier for people to afford. Trying to find cash buyers can be difficult depending on your asking price and banks don't typically want to lend on vacant land. Also, if you have land you want to sell in a hurry and you'd like to get cash for it there are a number of wholesale land buyers that make be interested in making you a cash offer for your land.
If six stars were possible, Terrell Wade and the team at FNAC would deserve that high of a rating. Terrell worked with me on purchasing a deed of trust that was part of my parent's estate. The transaction was tricky because of paperwork complications, that the house was now a rental, and that the owners spoke no English. Terrell patiently guided the owners through the process, had to reassure them at several times, and successfully closed the deal even though it took nearly 6 months. The price we received was fair and I cannot speak highly enough of the work and end result that was accomplished by FNAC. S,T,White, Manager RCR, LLCread more
When some people look at the prospect of owning land, they get wrapped up in the dream of property ownership. The idea of owning a large tract of property can seem very appealing, even if it is of no practical use to them. This kind of trap is especially easy for people to fall into with land because it's a low maintenance property and doesn't seem complicated (even though there are a lot of factors to consider).
Seek a veteran agent who is experienced in land valuation and who understands the implications of location, zoning regulations and parcel size. These are more prevalent at larger brokerage houses. You’ll want the agent to determine what the other neighborhood homes that have been scooped up by developers are fetching and what type of development is planned for your tract. These little nuggets will help you establish a price baseline.
I like the suggestion to send out neighbor letters to the surrounding property owners. That is a great way to get the word out that you are selling your land. When I went to sell my land, I made sure to tell my neighbors or post of social media and every other platform in order to allow more people to see that my lot was for sale. I ended up way over my original price and with a good buyer that built his family a home there.
Say, the property is going to cost you $150 per square foot to build and you expect a return on your investment at 10 percent. So, 1,000 square feet at $150 equals $150,000; which means you expect to get $15,000 back after your expenses, including management fees and debt service on the property, and some reserve. "Although in today's market, the return on investment is less than 10 percent and more like 6 percent. Calculate the most you are willing to pay the seller based on the outcome of your cost analysis," Veissi advises. Once you have done all of the analysis and appropriate planning, he says, you still need a contingency. You can think you have it nailed down and all of a sudden something crops up, unsettling your plans, he explains.
Hi Cassie, sounds like an exciting opportunity! I might suggest that you call your local planning and zoning department. Tell them about the property and what you’re interested in doing with it. Ask them if they know of any particular issues you should be aware of. They should be able to help you check at least a few of these things off your list from the get go.
The best place to list free classified ads these days is craigslist.org and backpage.com These are simple no-nonsense interface sites where you can list the property price, description and add images. The big drawback is you have to continue to edit and update your listing to stay on top of the listing system otherwise it will be more difficult for buyers to find you. You can learn more about how to do this through basic Google searches.
Be sure to use visual tools to tell the story of your lot or land in your online listing in a beautiful and compelling way. You can’t show photos of a kitchen or great room, so be creative with your lot or land photographs. Use attractive photos of the home site, natural features of the land, the view from your property and even community amenities (see tips for creating great photos for lot and land listings). Use maps and surveys to show the property boundaries and where it is located. Learn more in our related article about 5 tips for selling lots or land with online listings.