Kathleen – I did some research on the question of Promissory Notes when I set up my terms contracts. I read on a couple of attorney’s blogs that the Promissory Note does not need to be a separate document. Being separate makes it possible to record the contract but not the financial details. Some will want to keep that information out of the…[Read more]

Merritt – I’m not Luke. But I will say this. Your research took longer because there was a lot of hinky stuff going on that you had to check. Flood, Title problem, Access, Land Use. I think she saved you from a real headache.

Move on. Nothing to see here.

Jessica and Patrick – I know it would be more comfortable to work in the same county since you know the ropes. I also know what county you were working in and I don’t think there is much volume to work with and the sales are slow (right?). There are some other good counties in NM that are worth your time. I suggest looking at two or three…[Read more]

LandWatch, Zillow, Land and Farm. Look up similar properties that are for sale and have not been on the market more than 90 days (some sites list days on market). Those are your markets and your comps. Jack stresses that he uses for sale comps and does not use sold comps. Other people use both or use sold comps only. My main go-to for comps is…[Read more]

Angela – That is what I did. I sent 200 postcards to two counties near where I live. I got a few calls but did not close any deals. That was enough for me to dive in deeper with Land Academy. I realized that if I did this a little smarter, this will really work. And it did.

Regarding recreational area vs desert – Starting out buying desert…[Read more]

Merritt – I don’t think there is any harm. It is just not commonly done as I understand it. I have looked at hundreds of deeds besides the ones I created and I have never seen the sales price on the deed. It is not required information and, for reasons that you have mentioned, it is not desirable to disclose that information on the deed.

Shammgod – Some people get freaked out about the $10 part on the deed. I just omit it. I would recommend that you never put the purchase price on the deed. It is not customary to put that information on the deed itself.

Shammgod – I tend to trust the data from Zillow and LW and the others because that is where I am selling. If I had the MLS information that you mentioned at much lower $$ I would make a few calls. I want to know why they are different. And, if they are that low, why are they still on the market? I smell a rat. Jack was recently talking about bogus…[Read more]

Allan – This is a good problem to have. I fully agree that if she can put down $5K she will have a lot invested in this deal. I would put both properties on one contract because they can be deeded to her on one deed after you have received all payments in full. Also, splitting down payment and monthly payments will be confusing and harder to…[Read more]

One website here. No problems. Keep everything as simple as possible. Good luck.

Merritt – thanks for sharing the part about being underpriced and still getting some deals. Other people need to hear that. It’s OK to make a mistake. You almost have to try to lose money in this business. Learn from mistakes and get better with each mailer and in each county that you work in.

Merritt – You have made some great points here. I always assume that people have received other letters before and after mine. If they call me, it is because they finally decided to do something with the property. Maybe the time is right, who knows? Like Jill says, you want to close them quickly. Other offers are coming in and they might get a…[Read more]

Hi all – J&J recently explained on a podcast that LetterStream agreed to take our mail orders directly for a special price while LA got Offers2Owners set up. Now that Offers2Owners is up and running, we will need to run our list through Offers2Owners. It will be merged and formatted properly and then submitted electronically to LetterStream. This…[Read more]

Not all counties are available. What county are you looking in? Here is a way to check this out. Look for the same properties in TitlePro. If you strike out there as well, then that county probably does not have data or does not share the data.

Yep. Just write up the new deed to sell one of the properties as you described.

Brian – $9K is a lot of money for many people to just send to you. I get sort of worried if people aren’t nervous. I offer some options.
Option 1: You send me the check and I send you the deed
Option 2: I get a traveling notary to deliver the deed in person and collect the check. (must be cashier’s check)
Option 3: Close with a title company and…[Read more]

Use the page one swap. That is why we do it that way. The county doesn’t really care as long as they get to check their boxes and everything is in the right place.

Amy – if there is not a title company in that county, there will be one or more nearby that service that area.

Good luck

Amy – I have only done a couple of these but I try to get a title company that is in the county where the land it located. Then we do the closing by mail or email. Neither party has to be present to sign. I want the title company to be very familiar with the County and their data.

The title company does the title search and they write the title…[Read more]

Josh – Do a review with Jack. Worth every penny!