LandInvestors.com Forums **Ask A Question** Two Beginner Questions

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  • #20146

    danielholmlund
    Participant
    Post count: 26

    Hi everyone. I’m brand new to the Land Academy community and looking forward to participating in the group.

    I have two questions. I’ve just completed my second mailer, a total of 228 offer letters. The advice I was given from other communities was, as a beginner, to stay in the counties where other land investors are. So I started in Costilla county. I’ve received a response to an offer letter in San Acacio, CO. After looking more at the area, there seems to be a very low volume of transactions occurring there. My question is if I get the land at a very low price is it worth it if reselling might take a while?

    My second question is the owners of the land are both deceased and I’m talking to the executor of their estate. I’m assuming that I’ll need certificates of death for the both owners and a letter of appointment of executor to show that the person I’m talking to has the right to sell the property. Is there anything else that I need in a case like this?

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  • Kevin Farrell
    Moderator
    Post count: 1126
    ProAdvanced

    Daniel – Good for you! You are getting the mail out and getting some deals. I strongly suggest that you send out at least 1000 offers at a time.

    You have an opportunity to buy some cheap land and want to know if you should. Can you buy it for about 25% of comps (or less). If yes, then you should buy it and sell it for much less than what is on the market. A market with very few offerings is not necessarily a bad thing for a seller. However, if the property is over one hour from a major metro area, then it will be a slow seller.

    I suggest that you don’t take on any deals with deed problems. They will cost you money and eat up your time. Tell the seller you will purchase it after “they” get the deed in their name. The executor in this case may have all the paperwork done properly. So ask him. I repeat, getting this deed straightened out is not your job and you will regret it if you take it on.

    Send more mail. 228 letters is almost nothing in this business. Send out 1500 or more and then pick the easy deals that come in. Leave the messy ones on the bottom of the pile.

    Good luck.

    Joe Schmitt
    Participant
    Post count: 122
    Pro

    I’d ignore most of what you’ve heard in “other” communities. Master the material from land academy and then start experimenting. Like Kevin said, send LOTS of mail and try to avoid buying property from dead people for a while.

    I think there is something to be said for buying and selling in counties where you see other land investors, but there is no “secret” list. Some counties are chock full of seasoned investors re-selling crap properties that they have sold and re-sold on terms many times. I would connect with someone here before picking your next county. Don’t just do a finger in the air and say “Yep, there are other investors there.” Search the forum and see if Land Academy people can give you advice on the county before you mail it. You want some quick wins.

    Congrats on getting the mail out. The hard part is over.

    joe@hyhproperties.com

    danielholmlund
    Participant
    Post count: 26
    Pro

    Thanks for the advice from the both of you. This property is small enough that any legal fees would eat into the profit considerably.

    I’ll continue posting on the forums, but do you have any advice on how to “connect” with a more experienced investor about picking the next county? I’ve watched the last thirty or so episodes of the Land Academy podcasts and they’ve mentioned their criteria for picking a county several times. I’ll continue watching and posting.

    Kevin Farrell
    Moderator
    Post count: 1126
    ProAdvanced

    Daniel – just use private message to reach out to someone on the forum for help.

    Erin Spence
    Keymaster
    Post count: 68
    ProAdvancedStaff

    It’s awesome to see you here Daniel! If you would like to jump on a phone call with me to get any Land Academy program questions answered or anything like that, feel free to email me at support@landacademy.com.

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