08 Jan How to Buy Land 3
How to Buy Land 3
You’ve done your homework on what to look for in purchasing land. You’ve got your cash in hand. Now how do you find these properties?
You’ve got numerous options. You can start by looking at the Multiple Listing Service or going on the internet looking at a page like www.Realtor.com. These are great places to find properties but you will have to pay Market Value. If you are like me you don’t want to pay Market value for ANYTHING!!! Of course you also check with the local farmers, city departments if you want a vacant lot within the city limits and last but not least the most common way to find any kind of real estate is by contacting a real estate agents. While this is fine, it won’t get you a bargain, and I am all about bargain.
Therefore, let’s look at some other, better options to find property for values way below market. Of course, you have the newspapers and real estate magazines you can look through to find the occasional Bargain. When you are out driving you will also see “For Sale By Owner” signs.
My favorite way of buying land is to buy properties which have Back Taxes accumulated. If someone is not able or willing to pay their back taxes, that tells me that I usually have a motivated seller on hand. Someone who is in need of some cash or someone who just doesn’t want his/her property anymore.
Tax Liens or Back Taxes is subject to public record so all you need to do is go look them up, apply a set of rules to the list of properties, based on your investment criteria, and then you have a good list of potentially Motivated sellers at hand.
Some of the juicier deals will take a little effort on your part. You will have to do a little research on several properties until you identified a few which fulfill your criteria when you find them (and there are TENS OF THOUSANDS of them out there), you can make a fortune on each of them. Nowadays, you don’t even have to leave home to get a lot of the information you need. In many counties most of this information can be found on the county property appraiser website.
And the beauty is that in the Tax Delinquent Property arena, you often only need a few hundred dollars to buy a property worth Tens of thousands of dollars. They key to making the most on these is to act first and have a little bit of cash on hand for a quick close. These tips will put you in the right position at the right time to build your wealth.
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