I have extremely motivated sellers looking to sell a large number of acres (170+) in a rapidly growing area right outside of Austin. They actually had the land under contract, but the buyer failed to show up to closing. The land was appraised for $5mill a few years ago.
Just for a quick run down on what I'm walking into: there's water access, but no utilities. It's currently zoned as Ag-exempt and taxes are $5K. The thing is, in a perfect case scenario, the sellers would like to sell the land together and sell to someone who would be able to develop a subdivision here, but they are so strapped with medical bills and finances, they just want to get out.
The good: There are two major subdivisions that have been built (Santa Rita Ranch) very close to the land.
The bad: I haven't worked with this much land before
The ugly: (Please refer to the bad).
Any insight or recommendations as to approach and/or potential exit strategies would be greatly appreciated!
I take it that you want to wholesale it?
Why not do some research on the 2 subdivision? Find out what the builders paid for them and compare the tracts. That'll give you some numbers to start working with. And it also gives you some potential buyers.
Thanks for the response! Yes, I would look to wholesale it. I have land comps being pulled by a realtor now and great suggestion on the two subdivision builders being the potential buyer. I'll do more research and find out who that is.
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