Charley – First I would recommend that you partner with someone who can show you the ropes. Here is what to expect.
Always use a written agreement.
Holding profits and reinvesting can get complicated. I think most investors will want to get paid after each sale. This also keeps the accounting simpler.
Small to medium land deals are usually done by…[Read more]

Tyler – Just add a clause to your Deed that says “All gas, oil, and mineral rights to be retained by the Grantor.”

Aroldo – glad to hear that you got some deals bought and sold. You have been very fortunate to get them with such small quantities mailed. Keep up the good work and mail a lot more.

RVL, Infill, Houses – it is up to you. Do what you like the most.

In most states if you record the contract, then if there is a default you must go through the formal foreclosure process. That may cost $1K to $2K or more plus time. I don’t to terms in states that require contracts to be recorded. So I don’t have any advice for you. I believe that some people do contracts in those states without recording them…[Read more]

Melanie – This forum and the weekly conference calls with Steve and Jill are the places where you will get the most help. Some people have formed mastermind groups which are a great idea. Get to know people on the forum, reach out to connect through PM, do deals with others – this is how I grow my circle of friends in the land business.

Blake – I don’t like to be on the phone or responding in any way to 100s of callers asking for full price for their land. You can absolutely work that way and do deals if that is what you want to spend your time on.

If the buyer insists on closing in a title company, then you will just have to see how it works out. I would not pass this deal up if I were in your shoes.

Christian – Yes, I would buy it under those conditions. Transfer to family members is a proper use of QC deeds. The QCD itself is without warranty. If the seller signs the warranty deed, they are guaranteeing that there are no defects in the title history – ever. If the seller signs a special warranty deed, they are guaranteeing that there have…[Read more]

Charlie – this sounds like a good problem to have but I don’t have a great answer. What do you now about the buyer? Have you talked to him enough to form an opinion about him? Is he for real or is he running a scam or just dreaming? I would try setting up Skype or Facetime meeting so you can talk about the transaction. Preferable you will say you…[Read more]

Bryan – Keep the math simple. No interest. Larger down payment means lower monthly payments or fewer months. Total cost would stay the same but is negotiable. Like I said, most never even mention the total cost. Why should I reduce it?

Some terms buyers pay every time, on time. Treat them like gold. When they get near the end of the payments we…[Read more]

Bryan – keep in mind that everything is negotiable – the down payment, the monthly payment, the total cost and number of months. The only thing that I really hold my ground on when negotiating is the down payment. I suggest you get at least $500 to $1000 down. On terms deals I usually make the total cost 1.5 X the cash price. I will tell the buyer…[Read more]

Wholesale may depend on the market. A 20% discount in a very hot market might be considered a “liquidation” price. I like to use the term liquidation when explaining my offers to sellers. In most markets we want to buy properties so that we can list them at approximately 50% of comps. We do that because it gets attention and it sells quickly. We…[Read more]

The legal access appears to be from two directions. Ute Trail on the north side and Aspen Trl on the east side of the property. Even though those have not be cleared and graded/paved, they appear to be well defined easements. You can verify with the county. I can not speak to the slopes in that area but I would be very cautious about buying land…[Read more]

Shame on the title company but it happens. If they are correct about the value you were way low. Perhaps if you were buying for $30k or so, they would not have interfered. We are always at risk with the use of title companies. We lose control and timeliness goes out the window.

Mike – They will want to be paid their commission. I would suggest that you leave it listed with them and then you also market the heck out of it. Get the property sold and pay them their due and be done with it.

Moli – Congratulations on getting some land on the market. Usually I ask the seller when I am buying. They will usually tell you if there are any improvements. Otherwise, I assume there is no well and no septic. You can tell prospective buyers “there is no well and septic that I know of.” If they find a well after purchase from you, then that’s a…[Read more]

Andy – 20 or 30 years is reassuring. The smaller the property the less risk in terms of dollars. It seems odd that the county can’t or won’t get the previous deed for you. This may be due to lack of personel in the office at this time. Call them and ask about that. Any title company would have to go to the county for the deeds going back as far as…[Read more]

First determine that it is a legal easement. If not, walk away. If legal you can buy it but you may have to take steps to clear the obstruction and that may be more than it is worth. Or buy it and advise anyone who goes out to look at it of the situation. They can go around or over it if they want to. Not sure if you are talking about desert land…[Read more]

Ryan – That looks like the usual. That wire fee of $300 is a bit abusive. I usually budget $1200 for purchase closing where I pay all closing costs for buyer and seller. So this is in the ballpark. What I think is more important is how quickly and correctly the title company can complete the closing. This requires some experience gained by working…[Read more]

Tal – You can buy it if he can get the deed in his name. He would do that by opening probate – usually with an attorney. Usually not worth it for small, cheap properties. Just walk away from these.