What are the flaws with this plan for land
I am also looking for investors who might have solutions as well.
Example: The land that I am currently looking at is 40 Acres for $80,000 and is zoned for either Commercial or Industrial
My FLAWED plan is with questions:
1- Find Land to buy (where at?) What would you offer to buy it for? I am thinking about starting at 15% of Asking.
2- Send a non-binding letter of intent, that explains what I am doing also send it with a proof of funds letter from a transactional funding source (Who do you use)
3- Negotiate a price
4- Write up and $10 Option contract
5- Run over to a Title/Escrow office to record it, so the Seller doesn't try to sell it from under me (Is that the right way to protect me?)
6- Due diligence (What sort of information do I need for land sales? And where are free places to get that information?)
7 Find a REAL End Buyer (Where at?) that will place a non-refundable deposit in to Title/Escrow (What is a good amount to ask for $$$)
8- Notify the Transactional Funding site about both my Seller and End Buyer and that the End Buyer has cash in the Title/Escrow Account (Don't know if this is the right step?)
8- Close and get paid
9 -REPEAT
Thanks for any Help
Steven-Utah