All Forum Posts by: Dallas Hayden

I would consult with a RE attorney but here are my 2 cents:

1. Check the property for liens (often in the county deed records). Are you working with a title company?

2. Again, make sure seller has good title. 

In my experience if any encumbrances aren't travelling with the RE, you should be OK. Still, it would make me wonder why the previous buyer wants to sue the seller. May indicate a dishonest seller. Who knows? I would be careful! 

For years I've been purchasing land using my own unique strategies. Thanks to a combination of luck, contacts, and persistence I've built up an fairly respectable land portfolio. Some were assemblages. A city block for a few thousand dollars, half a subdivision near the center of a booming city for a few thousand more, nice lake view property in a good subdivision (no HOA), a 2/3 acre riverfront property for a couple hundred dollars, etc. I have about 2 dozen buildable lots with good title in a area where land often sells at a premium.

The only problem is all of this land doesn't cash flow. Taxes aren't too extreme so that's good. Most of the properties are not completely ready for home/commercial buildings yet. I've been working to fix any flaws (lot sizes, utility access, zoning, etc.) and am making slow but steady progress. I've thought about seller financing a few sales, however I believe that these assets will appreciate well for decades.  

What would you do? Cash flow would be great but I'd rather not take my cash out of these properties at the moment. Maybe I should continue to fix any property flaws and look for interim uses? Camping or something? 

Thanks for your help!

P.S. I wouldn't mind selling ordinary lots but I believe most of mine are beyond ordinary. That's the conundrum.