Rental Property Investor · Memphis, TN · Member since 2013 · 61 posts · 21 votes
I believe I found a good deal on a vacant lot in an up and coming neighborhood. Besides researching the tax accessor and asking the seller questions, where can I get more information on the property? Who should I hire to help make this transaction? Thanks!
Lender · Tyler, TX · Member since 2018 · 3 posts · 2 votes
8y
Josh-
I will have a local real estate attorney or title company check the title. But I would absolutely get a title policy to ensure a clean title. When they run the title you might check to see if there is any deed restrictions or what the set backs are for that property.
Best of luck!
Austin
Lender · Tyler, TX · Member since 2018 · 3 posts · 2 votes
8y
Josh-
I will have a local real estate attorney or title company check the title. But I would absolutely get a title policy to ensure a clean title. When they run the title you might check to see if there is any deed restrictions or what the set backs are for that property.
Best of luck!
Austin
I used to own a bunch of lots I obtained from tax sale. Owning them was a royal pain. I used to get letters every other day from Baltimore City fining me for high grass and trash. I couldn't wait to get rid of them.
Investor · Columbus, GA · Member since 2014 · 2k+ posts · 1k+ votes
8y
@Joshua Savage unless you run a construction company, I don't know why you would want a vacant lot. There is no shortage of land in your area, so land is cheap. It doesn't produce any income. I would look for a house that needs repair between Olive Branch and Hernando, buy it at a discount, repair it and either flip or rent it out.
Lender · Tyler, TX · Member since 2018 · 3 posts · 2 votes
8y
Joshua Savage that all depends on your comfort level and the complexity of the deal. My personal opinion is if no realtors are involved right now on either side and you have the time and experience to write up the contract; then I would do it myself.
Thanks!