Wholesaling Land, Beginner, Temple TX, Any Advice Appreciated

Wholesaling Land, Beginner, Temple TX, Any Advice Appreciated

Rental Property Investor · Temple, TX · Member since 2016 · 6 posts · 7 votes

Hey everyone, this is a new guy question. So I've always been one to jump into the shark tank and then learn to swim. I have two LTR's thanks to the VA loan and one STR all doing well. I wanted to build up some cash and fell into Wholesaling thanks to the MM podcast. I decided to start with trying to Wholesale land because that's what the podcast talked about. I live in Temple, TX and decided to look for the vacant land in the area that had tax liens against it. I compiled the 50 free properties you get with the seven day trial went to Walmart, bought the 50 pack of assorted cards, and hand wrote 50 cards to these people saying the usual, I want to buy your land.. close quickly…. Etc., Etc. then sent them off on Monday morning. I mean no one was actually going to call me right? Well yup got a call today from someone who is ready to sell their land. Propstream says they have multiple liens LABOR EXPENSES, UNPAID HAZARDOUS WASTE, WEED ABATEMENT and I cant really find anything across Zillow, Redfin, or Propstream that gives accurate comps so I don't really have a starting point on what to offer. Also don't really have a good distance/ direction on putting it under contract. If it turns out this is a good deal where can I find a blanket contract with an assignment clause in it? BP Premium? Additionally, I was planning on using the cash buyers list on propstream/ calling local title companies to find a buyer, is this a good starting point? Any recommendations/ advice is welcome thank you all for your time.

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  • Investor · Austin TX · Member since 2016 · 1k+ posts · 2k+ votes
    3y

    Hi Brandon! Nice job! I love an action taker. It seems to be paying off for you so far. Land is a tricky thing. Its value is really in what can be done with it. So it will really depend on where the land is, what it's zoned for, how big is it (are we talking acreage or a residential lot?) Also ask yourself who is buying it. Who is your end buyer for this land? As for the offer, get the seller to tell you what they want. Take a look at the assessed value in the tax records and use that as a baseline. You will definitely come in under that but it at least gives you a starting place. 

    As for the contract, use the TREC contract for unimproved land. Its short and easy to fill out. Its assignable. Once you have a buyer you just fill out an assignment of contract to assign to your end buyer. If you want I can send you the one that I use. 

  • Rental Property Investor · Temple, TX · Member since 2016 · 6 posts · 7 votes
    3y

    Thank you for the response, It is within the city limits of Temple in a residential Neighborhood. Zoned for 2F which I found out means a 2 Family dwelling. Its about 5,500 SqFt. Tax assessment says $12,765 she was asking $25,000 when I talked to her on the phone earlier.

    End Buyer, I have connected with a developer who may be interested, other than that I was just going to make my way down the cash buyer list on Propstream/ a Title company. 

    If you could send the one you use that would be great!

  • Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    3y

    Hire a realtor in the area to run comps for you, use a 1-4 TREC contract. All contracts in Texas are assignable, use Netco title they are familiar with assignments. 

  • Rental Property Investor · Temple, TX · Member since 2016 · 6 posts · 7 votes
    3y
    Quote from @Eliott Elias:

    Hire a realtor in the area to run comps for you, use a 1-4 TREC contract. All contracts in Texas are assignable, use Netco title they are familiar with assignments. 


     follow-up question, how would I work with the realtor? they aren't supposed to give me comps out of the kindness of their own heart are they? 

  • Investor · Greater Cincinnati · Member since 2018 · 25 posts · 12 votes
    3y

    Wholesaling land is a great opportunity, but don't get stuck in one market. You can do land from anywhere and in any market. Also for tax liens land properties you can insure them or have your future buyer insure them with a company called Tax Title Services out of California. I personally like to buy the land and flip it quickly on the market. We do this using a group of investors we have so we dont need to buy it with our own money. PM me if you have questions Im happy to help!

  • Flipper/Rehabber · Temple, TX · Member since 2008 · 168 posts · 46 votes
    3y

    @Brandon King I am a Temple Tx broker and don't mind giving comps. Relationships is how good realtors survive in the business. Hit me up. BarryRatliff.com

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