Daniel – From Member Chuck Lidtka

All Socorro County Offices will be closed until April 13. Everything will be delayed until that time or later.

Edgar – I know a couple of people who do well in Florida but it may be a specialty. I mailed a lot of offers to FL last year and did not buy one single property. I did not accept anything that was in a wetland or a flood plain. They are marketable, but that was my own criteria.

Daniel – This is not too unusual for Socorro. They only work 3 days a week and they will get around to your recording when they get to it. The deeds stack up like cord wood and they let them pile up. Then they draw straws to see who has to sit down and record them all. They can now conveniently blame the COVID19 crisis.

Brandon – That is what I have done. Like I said, if the buyer has a broker helping him look for land, let the buyer pay the commission to the broker. I will only pay the flat fee.

When I list land for sale with a Broker, then I pay their commission per our listing contract. I only do this on very high value land with plenty of profit margin.

Frank – even without a national crisis I will often find something wrong with the property and use that as a reason to reduce my offer. Examples “It is too far from the highway.” “1/2 of the property is in a flood zone.” “It needs to be cleared.” etc. People usually accept the lower offer when they are ready to sell. The key thing is that they are…[Read more]

Dan – Good job! Look on the internet for a one or two page Terms Contract that you can modify as needed for your business. I always hold the deed until all payments are made and it says that in my contract as well. Then you can do a self close at the end.

Mike – If I want to sell it with a broker, I list it with the broker. When I have used the MLS I just put a flat rate commission like $300. If a buyer’s broker helps get the deal I want the buyer to pay that broker’s commission.

Hello Brandon – Welcome to the Landinvestors forum. We will do our best to answer your questions. Good luck with your land business.

Case – 25% offers will still work. In my experience you will need to make at least 5,000 offers per closed deal. You may find better success with a 40% offer or more. Once again, this all depends on where you are making the offers, etc. People with properties in this value range usually know exactly what the full market value is. As always, you…[Read more]

Levi – No, I don’t think buying or selling land will affect your status as a first time home buyer. It is really about the mortgage.

Hi Linda – Welcome to the Landinvestors Forum. We are here to help answer your questions. Good luck with your land business.

Weston – JTROS means that both people owned the property and if one of them died the remaining spouse would become the sole owner. From your description I assume that the son is not the legal owner (his name is not on the deed). I will assume that the Smiths have been gone for a while and that probate is not currently OPEN. This is a common…[Read more]

Matt – Actually some members here are lawyers. I don’t think there are any problems doing owner financing in CA. The Contract can be done separately from the Promissory Note. This is useful when working in a state where you MUST have the contract recorded. The separate Promissory Note keeps the financial details out of the public record. The…[Read more]

Brian – call the county and find out what the restrictions are. Maybe they just prohibit commercial well permits in that area. If other properties are selling, then this one will sell also. Let us know what you learn about the water restrictions.

Gary – that is all you can do. Thanks for letting us know.

Gary – This is an ideal situation. I would study the parcels and make one offer for all of. Remember that the comp price per acre for the larger parcels is usually much less than for the 8 acre parcel. You need to make sure that the seller does not assume that you are going to offer the same price per acre for all. You will need to correct him if…[Read more]

Levi – Congrats on getting this signed PA. I think the pricing is OK but this property has no visible access and no trees. Being close to the highway is a good attribute. At the sales price you suggested you will be competing with properties with trees and access. I would suggest that you look at his other two lots to see what he has. You might…[Read more]

Danny – welcome to the LandInvestors forum. We look forward to hearing from you and getting some of your experienced advice.

Brandon – My normal approach is to list the land for sale at 60% of comps. If it doesn’t sell in a couple of weeks I can drop the price to 50% and mark it reduced. In some markets where the demand is very high and the supply of vacant land is very low, I will sell for 80% of comp. People will ask if I can be flexible on the price and I usually…[Read more]

Palani – you can do sole proprietor but I recommend an LLC. When I partner on a deal I am either the owner or the funding partner and sometimes I am both. No matter what side of the deal you are on you only pay taxes on the profit. If you have a deal with a $20K profit split evenly, then each party in a two member partner deal will get $10K in…[Read more]