All Forum Posts by: Edgar U.

Not gonna lie to you, if your looking to purse vacant land, the buy price is so cheap at times that you honestly don't need to go the route of wholesaling anything. Setup some funds aside to buy land, close on it, then worry about selling it. I am in process of buying a 5 acre land in Colorado for 1.6k.

I just passed on a land that had sinkhole right smack in the middle of it. You could potentially get insurance for sinkhole in the future, but this scares many buyers including myself.

I am a big believer in reverse prospecting. This is where you have folks calling/texting/emailing you to sell your their property. This method although it's a bit costly, it's definitely much more scalable. If you really want to start using your method then use a skip tracing company that allows you to click on a parcel and it'll give you the phone number of the person. 

Tons of great areas in your search bucket. One thig to keep in mind with some areas you sent (i.e) Lakeland, Revierview and other parts of Tampa is that they rely heavily on CDD's (Community Development District) which unlike regular HOA they get rolled into your annual tax bill. When calculating your ROI keep this in mind that you'll like pay higher taxes due to the CDD being rolled in along. Plus, they may or may not have a smallerish HOA usually quarterly or yearly on top of the CDD as well.

With condo market you need to look at several things aside of your returns:

- Is it all ages? If so, the HOA may be in distressed or maybe not. Look for some owner occupied + investor friendly HOA

- Make sure that the HOA allows for rentals immediately after purchase. Some HOA don't allow for immediate rentals and your stuck with a condo that you can't rent until 1-2 years post purchase

- Ask HOA for there operating budget. Make sure they have enough reserves and if they don't be weary of an upcoming special assessments.

- If they have special assessments make sure to ask when does it expire and how much is it per month on top of your HOA. Also, what was it for?

- South, FL has a lot of older condos so make sure they've done or will do a 40-year recertification.

- Stick with HOA at a most $250-$300 max, make sure that you can rent asap, and has a healthy operating budget with little to no special assessments.

Look also into other areas (i.e) Plantation, Coral Springs, and Pembroke Pines and good luck with your search!

@Will Fraser I just sold 20 acres in Idaho for under 100k! This would've been perfect for you. I really liked that part of Idaho and very kid friendly as well. Great suggestion here and it all boils down to what your looking for (i.e) away from cities, family oriented, adventure lifestyle, tiny home, cabin, etc. 

I've heard many folks having success with direct mail, cold calling, text, etc. The number one way to find deals whether on/off market is to stick to ONE method! Perfect this method, improve it, tweak it and become the best at it.

I am sure you did the following in any event someone will read this in the future a couple of things for buying land to build on:

* Contact planning and zoning and advice them of your goals for the land. If the zoning doesn't allow for multiple units (i.e) duplex, triplex, etc., you may be stuck with a single family housing instead. Also, on planning and zoning note, make em YOUR BEST friend or at least until project is done.

* Make sure land perks, especially if your doing a multi family unit.

*Also, you have to consider other things with land like water (i.e) well/city, sewer/septic, electric (how far away from land is it and how much will it cost your to run the lines to your land).

*Internet is part of utilities and some folks b/c of COVID are looking for fast internet so make sure you know what is out there (i.e) fiber, DSL, cable, etc.

If you constantly invest in this area, my advice is to get licensed and then use the MLS to pull comps. Although keep in mind that some areas whether you have your license or not just doesn't have many comps. This gets even more complicated with multi family properties. Sometimes when the data is hard to find I go a bit higher in sold comp months so maybe I'll do 6 months, 1 year, 2 years, etc.

Wholesaling land is different than wholesaling houses and make sure to do your DD; see below;

- Make sure the land has a situs address which at times is a good indicator of building or not.

- Ask seller and confirm with the county of local utilities, does it have water, power, can it perc?

- Make sure land doesn't have anything obstructing it (i.e) power lines running down the middle, power poles within the land, etc.

- Contact planning and zoning to figure out what can/can't be build on the land

- Also, make sure to know the local setbacks regarding any variance. 

- Make no assumptions on the land and have your buyer do very thorough DD.