Hey Everybody – I just did a deal that I want to share with you all. Nope, not the deal of the year. Not even close. I am buying back a parcel that I sold to someone a couple of years ago. Why would I do that? Here’s why —
Tom calls me up and says he purchased some land from me in NM a while back. Tom wants to know if I will buy the land back because he hasn’t had time to do anything with it since he bought it. So I look this property up and it is nothing spectacular – 1.0 acre in the desert near a paved highway. I asked Tom how much he wanted for the property and he said he paid $1200 and would like to get back 80% of that, if possible.
I said “Tom, I am in the wholesale land business and it is like trading your car in at the dealership. You know you can get more money for it if you sell it yourself, but taking the dealer’s offer is just easier. I can give you $600 for your property.” Tom said that is close enough for me.
Sounds like a hassle, right? Not really. I prep the deed and purchase from Tom. The marketing is all still there from last time. I will sell it for $1200 and make another $600 just for posting the ads.
I do not have a guaranteed buy back program. When people call me to buy their land back I usually tell them I will give them half of what they paid for it. And that is usually enough.
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