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  • #1942

    Joel P
    Participant
    Post count: 15

    Im targeting “cabin property.” I am putting together an offer mailing for northern Wisconsin and I don’t want to be too far off in my pricing from what is being sold.

    When using the spreadsheet “how to price property to sell: Steve says in Chapter 9 at 16 minutes “If your buying cabin property…its a little different…”

    He does back off a little on this statement but it has me wondering if anyone has any advice with cabin property (regarding offer pricing or anything else for that matter.)

    Thanks!

    (Granted, I might be overthinking it and worrying too much about a failed mailer but I figured id post the question and maybe something helpful will come out of this discussion.)

    @admin
    @jilldewit
    @luketsmith

Viewing 8 replies - 1 through 8 (of 8 total)
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  • Luke Smith
    Moderator
    Post count: 1262
    ProAdvanced

    I want to do that in Northern Michigan because that is where I grew up. I’m guessing I will get more one off buys and less portfolio buys like in the Desert. I might be wrong.

    First thing I would do is research the counties and see how easy they are to research, record, pay tax, check tax, find properties on maps, and of course sell. Check the competition. Would like to hit some weird ones where there is nothing else out there for sale.

    Then I might do some tester offers. Feel out the market in all the top counties from my rankings and blanket the best of them. Use the proceeds to blanket the rest of them.

    Not sure what Steve was saying about them being different. Same idea. Maybe some other number per acre works better. Start low and mail again later at higher numbers?

    Ariel Muller
    Participant
    Post count: 75

    @luketsmith
    “I’m guessing I will get more one off buys and less portfolio buys like in the Desert. I might be wrong.”
    can you explain what you mean by “one off buys” and portfolio buys”
    also how do you define cabin lots? (i know Steve mentioned folks who specialize in that and do only 10 deals a year)

    Luke Smith
    Moderator
    Post count: 1262
    ProAdvanced

    @arielm
    Good questions. I’m still very new to this but have been testing a lot and researching a lot for the last 5 months. My testing says that people who own vacant land tend to own lots of vacant land. When you ask your sellers if they have any other property they might want to sell too I keep getting surprises.

    Today I had a lady with a junky(no access, owned by her dead parents) 2.5 acre desert property that she has been literally harassing me to buy for months call back again. I almost didn’t answer when I saw the Caller ID. I think I got to personal with her telling her how to change the name on it on her own, Probate. I told her many times I was not going to buy it because it would cost me too much. She is trying to give it to me. We might work something out option wise but I still think it is too much work for the value.

    Now she says I got the same problem with all the other properties too.

    I ask where are the other properties?

    Hawaii. Her dad bought them in the 50’s for 250 an acre. Now she can’t afford to change the name form the dead parents to her name to sell them. She wants anything she can get for them.

    She is sending me all the paperwork she has on them so I can make her an offer. Who knows if it pans out but to me that is a portfolio buy.

    A one off is like she started out just trying to sell me the one I made an offer on.

    To define a cabin lot to me I would say is it measured in sq feet or acres? Sq feet I would call it a lot.

    Posted up a couple lots today. One in AR for $850 I got for next to free. Two in Big Bear CA for $1,500 each I’m embarrassed to tell the cost on. (Made an offer he was never going to accept but he did.) One other about 1 mile from the Colorado River for the same stupid low cost as the Big Bear CA ones 1500 asking price or $500 down and $100 a month for 15 months.

    If I got the down payment one of them it would cover the cost of all of them.

    Still more “Cabin Lots” to post up for sale too. It is just sales jargon really for tiny piece of land.

    Joel P
    Participant
    Post count: 15

    All awesome info Luke! I made up the definition in my head for cabin property: wooded property where you can market it as being for a cabin.

    But what do I know ????I haven’t even sent out my first mailer.

    Your response to my question seems to imply that one of your biggest issues has been dealing with the county (researching, recording and paying taxes, you mention specifically.)

    I was looking at Price County Wisconsin for my first mailing of 500 pieces but you think dividing it up between different counties would be better?

    Claire
    Participant
    Post count: 138
    Pro

    Hey Joel,
    I’ll be very interested to know how your mailing goes to northern Wisconsin since that’s where I grew up, and where I own a “cabin lot” on a lake. Maybe you’ll end up sending a mailer to me.

    I started in CA because that’s where I live now, but I plan on trying cabin lots too. Just haven’t gotten there yet. Good luck.

    Claire (@lake17)

    Ariel Muller
    Participant
    Post count: 75

    Thanks for expelling all that @luketsmith!asking if they own others seems to be the golden question.
    @joelp,when targeting cabin lots how does your mailing work? just targeting wooded areas? or smaller “lots”?

    Luke Smith
    Moderator
    Post count: 1262
    ProAdvanced

    To get cabin lots I would look at the ones that show up in portfolio buys and then branch out from there by making offers on others like them. I started in one county and now I am dealing in 5 states that I never thought of making offers in.

    Ron DiIenno
    Participant
    Post count: 20

    I’ve sent out many offers in Northern Wisconsin over the past 6 months or so. I can’t put my finger on it, but the responses are different compared to what I get from other areas. I used my usual technique of focusing on properties that have been with the same owner for more than 20 years and have had no improvements done to them. If they live out of state…even better. I’ve gotten some pretty decent responses, however I don’t seem to get as many positive responses to lower offers than I do with other states. That being said, there is a lot of rural land up there and some very gorgeous properties. I personally have not focused just on one county and have done pretty well in places like Price County, Washburn County, Price County and others. If anyone has any questions, please let me know. Maybe I can save you a step or two if I’ve already been down that road.

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