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Make sure you take the time to develop a relationship with a title agent or real estate attorney in your area and make sure you have title work done before purchasing these properties . Sometimes there are probate issues or liens to handle before you close which may also include past due tax bills . Some of these sellers will try to work directly with you without having a title search done on the property . Don ’ t do it !
I find that vacant land deals are very profitable for me personally . I live in Florida and here in Florida we have hurricanes . It is so much easier to work with vacant land because you still have the same big profits without the worries of damage , insurance , vandalism and rehab . In fact , some of the properties we have purchased were so inexpensive that we paid cash for them and put them into our portfolio to hold on to for retirement income when we sell them later on . They are already worth a lot more than we paid for them , so we figure the pay check will be huge later on as property values go up even more . And some , we will simply wholesale for a good profit . You can also purchase land into your Roth IRA .
In addition , with the current market being what it is today , purchasing land at huge discounts gives you the advantage to be able to sell it at “ bargain basement prices ” and still make excellent profits . Since you are selling the property at a lower price , it usually sells very quickly .
Once you purchase these properties there are several ways to resell them at huge profits . One way you can sell these lots is to list them with a local Realtor ® who is
familiar with selling vacant land without touching them . Whether or not you are able to sell your properties this way will depend a lot on how motivated the Realtor ® is . You also need to make sure that these local Realtors ® are part of the MLS system . Surprisingly , we have found that in many rural areas they are not . You want to have as much exposure as you can for the properties you are looking to sell right away . Some of the best buyers for these lots are folks from out of town looking for a vacation get away . So they will purchase vacant land and build a home on it .
Another thing that some of my students have done is to buy some acreage , split it into pieces , sell off some of the pieces and keep part of the land for themselves . They will make enough money off the sale of the split that the pieces they keep for themselves end up being free .
The other thing you can do is to list these properties on your propertyforsale web site where people , just like you and me , who may want to build vacation homes in the area where your vacant land is , will see them . You will be able to get attention from many parts of the country . You may also want to put a “ For Sale by Owner ” sign on your land or run an ad in the local newspaper and the newspaper in the next largest city near you . I have done this and it has produced many buyers for me .
If you want to take the time , and you have your team in place to take care of these matters , you can also partially clear the land and add water or electricity , and then raise your asking price . The more ready the land is for development or home placement , the more quickly it will sell and the more money you can make !
Depending on where the vacant land is located and how much there is , there are also opportunities to develop these pieces of land and resell them at really huge profits . One way to develop your land would be to get involved with a builder and have homes built on these pieces of land and then resell them with the land and the home already on it . Personally , this is not my favorite way to deal with vacant land because it ’ s time consuming , and the more hands on and the profits are made later as opposed to sooner .
Image by Nattanan Kanchanaprat from Pixabay
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