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Two Parcel Deal On My First Mailer2018-02-13T22:40:54+00:00

LandInvestors.com Forums **Ask A Question** Two Parcel Deal On My First Mailer

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  • Joe Schmitt
    Participant
    Post count: 51

    I offered $300 an acre in Elko County, NV (northeast corner of the state). I was fortunate to open my mail today from a seller who is willing to sell me two properties quite close to each other (1.3 and 2.7 acres in the same subdivision) for $2200. They are 5 miles from Elko proper where there is a Walmart, Home Depot, etc. Both have access, but not much else.

    Comps seem to be about $1000 to $1500 an acre for properties that are further from town than these. It brings my acquisition price up to $500 an acre, and really burns most of my seed money. I’m a little concerned about sitting on the properties for too long too since stuff in this part of the country seems to sit for a while. However, taking down two properties in one quick deal may be worth it.

    Thoughts?

    Franco O.
    Participant
    Post count: 5

    counter offer.

    Charley Schelhouse
    Participant
    Post count: 9

    At those prices there’s not enough meat on the bone to wholesale them. I might pass for now unless you could counter low enough where you and whoever you wholesale them to could make a profit. So maybe counter for all 3 acres at $1250 , sell for $2500 wholesale, and he can resale for $3750 which puts you right in the middle of your comps. That way everyone doubles their money

    Luke Smith
    Moderator
    Post count: 1227

    Are those comps my land? I might sell you some Elko for 300$ an acre.

    It’s almost spring though that’s when that stuff moves retail.

    Joe Schmitt
    Participant
    Post count: 51

    I did wind up buying these properties. I figured the point of doing your first deal is to get it done and learn.

    I guess it’s better to be lucky than to be good. I am fortunate that these parcels are quite close to town, so that has generated some decent interest. I’ve already had a few calls on the smaller one after less than a week. I might do another mailer just to the subdivisions around town to try to scoop up additional small lots.

    I don’t think they were your comps @luketsmith. I used Ladnwatch and CL for sanity checks.

    Kevin Farrell
    Moderator
    Post count: 674

    Joe – Congrats. Dive in there and learn as you go. None of us ever really learn in this business unless we actually buy and sell land. After the first few deals you will be hooked and a little smarter too.

    Darald Berger (@AggieLand)
    Participant
    Post count: 150

    I guess it’s better to be lucky than to be good

    @jschmi3953 Congratulations!

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