31 May Where To Find Land Deals
So you’ve decided that you want to buy some real estate and you’re convinced that raw land could be a good investment. That’s a solid choice. It’s no secret that a wisely chosen, well-placed parcel of undeveloped land can return its investment price many, many times over. And, believe it or not, there’s millions and millions of available acreage still available in this country to purchase for pennies on the dollar. But where are these land deals, and how do you find them?
There are a number of ways to locate every kind of real estate that’s up (or potentially could be) for sale – and raw land is no exception. Many times property is advertised in newspapers (local, regional, national, or trade papers), by real estate brokers, on bulletin boards, or using makeshift signs posted along the road. But that isn’t always the best place to look for true deals, especially with undeveloped property. To find great land deals, you often have to dig them out.
Visiting the county Tax Collector or Treasurer’s office for the area you’re interested in is one great place to start. There you’ll be able to find all sorts of useful information. For instance, a list of owners that are currently delinquent on their property taxes. You can contact them and inquire about their interest in selling (but be sure to do this in a tactful and friendly manner). Chances are if you find an owner that is delinquent on his property taxes and lives out of state, you most likely have yourself a deal.
Usually there is a reason why people don’t pay there property taxes and the majority of the time the reason is that they have lost interest in it, never wanted it in the first place, or just can’t afford it. You will also get sometimes, the person that just forgot to pay. In either case these are perfect candidates to ask if they are interested in selling. This is exactly how I buy my investment property. I get a list from the county or a data broker and then filter it down using my proven criteria and then I start contacting owners. Buying this way allows me to purchase land at anywhere from 5% to 25% of the current market value, and I can turn around and sell it quickly to another investor at a wholesale discount and still leave enough money on the table for him to make a nice profit when he sells. I call this a Win, Win, Win transaction.