I found a property that has quite a bit of acreage. The house most likely is a knock down. A lot less than a mile down the road is listed for 3x the price.
Not sure how turn this into a deal.
Well, like all real estate, it comes down to price. Selling land at full market value can take quite a bit longer than houses. But, with good marketing, professional photography, accurate pricing, you can do pretty well. Just make sure that the land is comparable with utilities, zoning, views, etc. If a lot is ready to build, has power, water, and sewer/septic, that is a lot different than raw land in a rural area with wetlands. Keep in mind, that if you have to knock down a property, you have to subtract the cost to do so. Also, just because there is a property listed, doesn't mean that's what they are selling for. But it can be a good indication.
Good news is there are folks that purchase land at a discount, than sell at a premium with seller financing. Can be a good way to get semi passive income.
Very difficult, it can take a long time and is usually based on access and utilities. If it is already on the market it is unlikely you'd be able to make good money trying to flip it. Also be aware that some old farm houses have underground gas tanks that have deteriorated and contaminated the ground, this is a big concern that many people overlook.
@Trevor Lybbert thanks for the reply. The lots are the same in terms of utilities and zoning. The only difference is the structure which the price to knockdown can easily be subtracted and still be a cushion.
I probably dont have the funds to purchase it so I wasn't sure how I can turn this into a positive.