The hardest thing is when I have a shakey internet connection here. I have a family memeber with signing authority in the usa which is key for puechasing/sales.
I do spend a mobth or two in the usa every year and can catch up with anything that needs me physically present... but I tend to be too hands on with projects and being far has forced me to learn to delegate and digitalize tasks.
I am looking for a better voip phone system so I am open for suggestions. Thanks
Greg Scott - depending on how you structure a rent to own deal (say, with a lease option or lease purchase) it could effectively be the same thing as selling on a land contract, in terms of when possession is delivered, how long the payments are stretched out, how much is due upfront, the amount of each payment, etc.
I think Jason Wollbrink is right, though. You don't often see rent to own deals with vacant land (outside of maybe farmland... but that's a guess on my part), probably because there's a difference in how people perceive "renting" vs "owning". People want to feel like they own land, not that they're renting it (even though in both cases, the buyer doesn't get title to the property until it's paid off).
Even when it comes to evictions... my non-legal understanding (note: I'm not an attorney) is that in both cases, the tenant/buyer can make a case that they have an equitable interest in the property because they've put money down on a contract that could leave to their eventual ownership. Even if nothing was ever recorded in either scenario, it could still lead to some court hassles if the defaulting tenant/borrower decides they want to fight about it. Maybe there's something I'm missing, but given the objective with getting land sold on terms, I'm not aware of any major benefit that a rent-to-own agreement would have over a land contract.
If any attorneys out there are reading this and they know better, please do chime in!
Hi Jessey Kwong, the mailers just got to the respective homes about 2 days ago. So far no responses but I'm giving it some time and I'm working at targeting another county with a different style mailer to see if I receive some better results. Determined to get my first deal done!
Welcome to the forum Troy Ramey! It's great to have you here.
There are definitely still deals out there, you're not too late to the party. The competition in land has ticked up a little bit over the past several years, but it's still nowhere near the other REI strategies out there. Especially if you're looking in some of the less popular states for land (east coast, midwest US), there are still plenty of counties where you can encounter zero competition, especially if you're mailing to more of a niche list.
As for the budget you should plan on, I've actually got a blog post for that. The answer is, it depends - but personally, my advice would be to have at least a few thousand set aside, and obviously, if you've got more than that, it'll only help.
As for the website, I know Carrot is a popular choice for a lot of reasons, but if you're looking for something more land-specific, REI Conversion is the best option I know of.