Vacant Lot Value

General Real Estate Investing
1

Hello REIClub.

I’ve been lurking these forums for awhile just gathering information so I could get my start in the real estate investing business. I sent out a few hundred letters last week and have gotten a fairly good response so far with a lot of owners having vacant lots they’re looking to get off their hands.

Now my question is…
How can I find the fair market value on these properties? I’ve tried zillow and even called a few realtors and so far none of them have been able to assist me. All I’ve been able to find is the “Land Value” according to the 2011 Assessment Roll for the county in which I’m looking. I’m not sure how accurate this is and I need some kind of consistent, reliable source so I can begin making these owners offers and ultimately making deals!

ANY help would be greatly appreciated!

I’m looking forward to sharing my deals with the forum and I will be a long time member of these forums in the future!

Thanks REIclub :beer :beer :beer

2

Only way to get true value on vacant land is to have appraisal done.

3

I have heard that builders use 1/3 of the ARV for the house to be built as a rule of thumb for how much to pay for the land. E.g. If the new build house has an ARV of $300k, then the land should be one third that or $100k. I am in the DC Metro market.

Hope that helps.

4

Hmm. Have you tried Redfin? Aside from Zillow you might try it at Redfin as they also have several listings and may even help you out on what you are looking for.

Thanks