I’m training my mind to be more entepenuer-like. so i’m trying not to sell myself or you on how “good” a deal this is.
having said that, i will tell you what i knew BEFORE i signed the assignment contract.
- a local developer (not the seller) - BIG developer in the area, told me about the history of the area - (if you’re interested in knowing the area, email me. according to the developer, i was to check two things, utilities and NOT the lot location but the grade of land. they both checked out. the developer told me i had several OPTIONS, which i liked right off the bat regarding how to sell this for double what i’m paying for it with a likelihood of less than 60 day holding time. i am taking her advise. no she will not help me sell it with her realtor and the ideas she presented had nothing in it for her company - i.e. they would not buy a single lot - they’re developing 50acre subdivision currently.
additionally, to add to this, i emailed about a dozen people in the area - a dentist, a county worker, two developers (after i checked their websites), and a half dozen misc businesses in the area.
upon obtaining info from these sources above, this area sounded VERY NICE, and i was quite comfortable, either way, in a short-term or long-term holding and willing to eat the opportunity costs if need be. price is low enough and taxes are of course, very low.
google earth looked quite nice - surrounding area is developing with some good size lots and nice cul de sacs and of course the land is about a mile from the water. Not in a flood zone - currently. rezoning will put it VERY close, which of course would probably cost me some money due to the increased costs to any developer interested in the lot itself.
i also verified with our attorney on the basics of what he wanted me to do, of course free of charge as he is not handling this closing due to it being an assignment and wholesale. his concerns were getting a copy of the original contract, double checking tax records to verify ownership and paid taxes and an addendum to the assignment making it contingent on CLEAR TITLE, NO ENCUMBRANCES OR TAX LIENS OF ANY KIND. i took care of all of this before signing anything.
Additionally, the assignor, according to him, went out of his way to “hand pick” a lot that he believes is a good deal. the reason for him not holding the lot to sell it retail is because his niche is wholesale, period. he made this very clear. the mission of his company is to buy land cheap and assign. they do not like paying realtors or any spokesperson to market their properties. whether that’s a line of BS, we’ll see.
thanks for all of your imput and lack of sugar-coating. keep it coming.
question - do you need any kind of insurance on the property - ie. liability insurance on vacant land?