If you're a rental property owner, I can't think of any good reason not to use this site, especially considering the software is free for the landlord (any fees are covered by the applicants and tenants). It's definitely not the right fit for every real estate professional since it's only intended for landlords and tenants, but if you fit that profile, you owe it to yourself to check this site out.
Usage restrictions aren't necessarily a bad thing – they almost always make sense on some level. They're designed to help maintain order and support the value of each property in the subdivision. On the same coin… if you aren't aware of these restrictions before you purchase, they can also create some conflict with the plans you had in mind for the property. This isn't common for most land investors (because most people have no intention of using their property for purposes that don't jive with their surroundings), but even so – you should always make sure you understand what the rules are BEFORE you buy a parcel of vacant land. This will help you avoid owning a property that requires maintenance you don't want to do, or that can't be used for your intended purpose.
I suggest you go to your local real estate clubs and get more buyers there! You know, its like if you wanted to find a job really quick. You can go to several head hunters, several temp to hire agency, and you can put all these people to work for you - for not a dime of your money. Thats what I call people leveraging. When your at home, you are going to have several people calling you back to tell you about offers they have for you and you can then cherry pick the offers and take the one that best fits you. Real estate clubs are full of people who want to find you buyers - these people are called wholesalers. And guess what, you can have as many as you need. I say, work smart not hard!
I've seen a number of properties that are virtually useless due to their size and shape. I remember on one occasion, I came across a parcel of land that was 5 feet wide and 900 feet long. I've also seen properties that were 10 feet by 10 feet. If you see a parcel of land with an odd shape, use your common sense. If you can't think of a legitimate use for a property with its given dimensions – you'll probably want to think twice before buying it.
All four of these elements impact the value of your land dramatically. We speak with hundreds of land owners each month who did not take some of these elements into consideration when they purchased and they have difficulty coming to grasp with the reality of the value of their land. Each situation is very unique and the marketplace is not very forgiving at the moment. Read the rest of this entry
Hi Steve…great article! In my village there is a 1.4 acre lot that is of interest to me, but I don’t want the whole thing. I am only looking at about a third of that. Problem is…the entire 1.4 lot is owned by our local school district and the administration building sits on the front part of it. The backside of the lot (the part I am interested in) is totally unused and mostly wooded. There is a very distinct treeline to where the lot could be divided. How difficult would it be acquire that piece of land behind the building…given it’s owned by the school district?
I really appreciate your posting this blog subject. I would ask the neighbors and previous owners what they know. If applicable, go to the Planning and/or Building Department and find out what permits have been issued for that parcel in the past. You might get an indication of what waste products might be on the property. You should also contact your state’s department of the interior or forestry department to see if there are any endangered species, plant or animal, located on the property. Contact the Sheriff’s department to see if there have been any reports of drug manufacturing on the property. If they don’t know, they may be able to direct you to the correct authority. Not all drug manufacturers use stick built houses to do their business (trailers and vans). Also, if there is a stream or creek on the property, you should investigate what is up stream from your property; like a turkey or hog farm or dairy. These may affect the water in the creek upstream, but they may also smell bad coming from the prevailing wind direction. Ask the neighbors.
Hi Seth – My brother-in-law and I are looking to get into real estate investing and have our eye on a piece of land (we want to start small, FYI). It is 1 of 8 lots, all of them are only 1,742 sq ft, for commercial use only, and the lot we are looking at is the end lot…My thought is, buy now and hold on to it for a length of time until a developer comes along and wants to buy all 8 lots. This would obviously need all sellers to agree to sell which I am not sure how tricky that would be. My question is, do you see any chance for money to be made here? The lot is in a great location and I honestly can’t believe nothing has been built there yet. More details: $16,500 for the lot, taxes are $1,087 / year which I know is a little high based on what you stated above but even so, after negotiations, I think we could get taxes down to 4%. I know it might be hard to say, ‘yes you will make money’ or ‘no, you won’t’ but just wanted any insight you could give.
Seth, I can definitely see how internet marketing would be extremely useful when selling your property. My wife and I have been planning on selling our house in order to move to a much more family friendly neighborhood. I think that we should consider finding finding a real estate agent that could help us to sell it exactly according to our desired asking price.
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Gerard Coutts is a project management and development strategist who brings together landowners, developers, investors and industry professionals to maximise the potential of a subdivision opportunity. He says the first step for the vendor is to determine whether their property lies within the Urban Growth Boundary (UGB) – those areas designated for higher density living.
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.
Rezoning isn’t a quick process, and there are no guarantees. “Sometimes councils won’t rezone because the land is too fragmented and needs consolidation,” Coutts says. “It can easily take four to five years. Some landowners don’t have that time, so it can be a very daunting and upsetting process. You can see why they say ‘just sell it and let’s get out of here’. But if you can wait and manage the process effectively, the rewards can be considerable.”
This whole subject always fascinates me, because it’s a pretty difficult question to answer. Even most appraisers don’t really know what they’re talking about when it comes to valuing land… a vacant lot’s true value is usually a very elusive number to nail down. You may want to see this blog post for more details on how I look at it: https://retipster.com/valueofland
I am a relatively new real estate agent and just got a land listing. This is a great article with many helpful strategies for selling land. I think selling land can be a bit intimidating because most sellers have such high expectations that you will sell their land for them quickly and it usually takes much longer, as you pointed out in your article. Thank you for the great information!