Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
Followed Discussions Followed Categories Followed People Followed Locations
Wholesaling
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 10 years ago on . Most recent reply

User Stats

43
Posts
5
Votes
Gregg Alexander
  • Investor
  • Brooklyn, NY
5
Votes |
43
Posts

VACANT LOT. HELP ME QUICKLY !

Gregg Alexander
  • Investor
  • Brooklyn, NY
Posted

HELLO REI'S,

I JUST GOT A CALL FROM A OWNER OF A VACANT LOT THAT IS LOOKING TO SELL HIS 40X100 LOT IN BROOKLYN. IT'S SURROUNDED BY RESIDENTIAL BUILDINGS SO IM SURE IT HAS ALL THE NECESSITIES FOR DEVELOPMENT. THIS WAS A RESULT OF MY YELLOW LETTER CAMPAIGN SO MY QUESTION IS WHAT SHOULD BE MY NEXT STEPS IN TRYING TO WHOLESALE THIS LOT?

SHOULD I ....?

CONTACT A REALTOR TO FIND OUT MORE ABOUT THE AREA AND WHAT MY OFFER PRICE SHOULD BE?

THEN, CONTACT AN ATTORNEY IN ORDER TO LOCK IN THE DEAL?

THEN, FIND ME A BUYER INTERESTED IN THIS KIND OF PROPERTY? 

Most Popular Reply

User Stats

53
Posts
12
Votes
James Lehmann
  • Wholesaler
  • Chicago, IL
12
Votes |
53
Posts
James Lehmann
  • Wholesaler
  • Chicago, IL
Replied

What you need to do is find new construction or land comps. If you don't have MLS, an agent may help you out, but they will probably want something on the back end. Once you find those, you can see how much the developers paid for the lot or the tear down to begin with. This will generate a rough starting point for you.
For example, If there are 5 new construction houses within 1/4 mile that originally were bought by developers for 150k-160k. I would try and get that lot under contract for 125k-135k. Then track down all of those builders, developers, or whoever is active around there and start trying to assign the contract. Ask if they are looking for a new project close by to the one they just finished Hope that helps!!

Loading replies...