Land flipping

4 Replies

So hear is the deal I have a motivated seller 2 acres of raw land in a area that is growing. It is in a rule area. About 15 min from town (shopping) 7 minutes from the interstate. It Has plenty of public road Front and power,
but no public water or sewer available. property should sell for about 15k of the MLS, I offered 5k cash or $200 for a 3 year option to buy at 6k. Any advice? I have thought about doing a perk test ,

2 acres in the country isn't much. You'll need a septic tank and a well. Every state has a Department of Natural Resources or some similar name. In my area, you need 3+ acres for a new septic and to get your well far enough away from your septic you're looking at 5 acres but there are some exceptions.

You need to check what the requirements are before assuming you can have a residential lot. You might end up with a place to park your boat and RV! :) 

Good idea I will talk to the land development office and check requirements to build on the property. As far as exit strategy I was planing to put it on the MLS, or do a lease purchase with option and down payment, or owner finance? I felt this land would be attractive for a stick built sf, or as a mobile home site as this area has no restrictions forbidding Single or double wide trailers. Any ideas on how to structure A exit? It seems like required septic and well install within a set time, could count as down payment but I have never structured a deal like that any ideas?

you need to contact someone to see if your site perks for the drainfield.  I would put that in the contract that it must perk.  Tests here in Virginia are around $400 I thought.  Having to do an engineered system is usually a deal buster as they are very expensive