When it comes to the land investing strategy, there are a couple of “list-sorting” questions I’ve heard again and again from the readers of this blog, so I’m going to answer them once and for all in this article.
These questions typically come from investors who are trying to get a delinquent tax list from the county, and they usually go something like this…
How can I get a list that ONLY includes vacant land (without any houses, apartments, commercial buildings or other properties I have no intention of buying)?
When I get my list, how can I know ahead of time which properties have any liens or mortgages on them (and how can I eliminate these recipients before I send out my mail)?
Luckily, the answers to these questions go hand-in-hand with each other – and its good news on both accounts. [click to continue…]
A few months ago, I got an email from a reader who asked me an interesting question.
This person had been hanging out in some real estate forums for a while and they came across a conversation about the strategy of making low ball offers (something my business is fundamentally based on).
Someone in the forum posted this classic line:
“If you aren’t embarrassed about your offer, you asked too much.”
Then another person replied with this tirade:
“That saying is pretty much from hustlers, not real RE investors… there was some guru book in the late 80s about firing out low ball offers just to see if something sticks. These types get blackballed by agents. Offers are presented on the phone with an owner with a few choice words and turned down, if presented at all.
Realtors are wise to this activity too. All they do is ask the owner the lowest price they will consider and make a note to reject any offer below that amount. That way Realtors don’t have to fool around with low ballers.
Realtors are to present all bona fide offers, not some ridiculous offer from a bonafide hustler. Not only do they not have to be presented, they don’t have to be answered. They can go straight to the trash.
While these guys may think they are being clever or smart investor types, they are really making things harder on themselves. Names circulate quickly among Realtors, when your name gets around……well, you’ll basically be ignored.”
[click to continue…]
There’s a common dilemma I’ve always had to wrestle with when buying vacant land. The issue boils down to valuation.
Land is a peculiar type of real estate because in the vast majority of cases, it is EXTREMELY difficult to come up with a rock-solid, 100% reliable “market value” for this type of property (ask a professional real estate appraiser and chances are, they’re basically “winging it” in this area, because the data just isn’t there).
So how are we supposed to have ANY confidence in the value of what we’re buying? I’ve always maneuvered through this process by following the guidelines in this blog post, which I’ve found points to a reasonably strong conclusion – but if you’re looking for even more of a quantitative, measurable approach with which to gauge land values, I wanted to share with you an EPIC new trick I just learned about from Karl James, one of our faithful members in the REipster Forum. [click to continue…]
When I was first getting started with my land investing business, one of the things I despised more than anything was sorting through the delinquent tax lists I got from the county. It was a nightmare.
As I explain in this blog post, a delinquent tax list is an incredible resource that works astoundingly well for finding motivated sellers. This list is something that every county in the United States has – and it’s a goldmine of information. I’ve been using it to find motivated sellers and buy their unwanted real estate at STUPID low prices (I’m usually able get these properties for anywhere from 5% – 20% of market value – just to give you an idea).
That being said – there has always been just one problem with these lists. Whenever I request it from a new county, I never know what I’m going to get.
Even when I try to be abundantly clear about what I need (by putting my request in writing and listing out all the things I expect to see), I still won’t know what kind of format the list will come in until it shows up in my inbox.
Why does this happen? Probably because most county employees don’t care about making my job easy or providing well-organized, “user friendly” information that is easy to sort through. Their primary concern is to get rid of me ASAP (and that’s assuming they care at all about complying with the FOIA). [click to continue…]
This past week, I had an awesome opportunity to talk with Becky Hammond of Isogo.
Becky is a Gallup Certified Strengths Coach who specializes in helping people find their strengths.
As I’ve learned in my life, it is so important for people to understand what their strengths are.
It wasn’t until I was about 30 years old when I started to understand that I possessed certain strengths that were unique to me. Once I realized that I could use these strengths to do things nobody else could do, my life started moving in a new direction and things have never been the same. [click to continue…]