Posted by Ronald * Starr(in No CA) on August 02, 2003 at 11:54:19:
Jake------------
There are many other approaches which will probably pay off better than your proposal, I’d think. By the say, my grandpa Starr was a rancher, as were my Uncles and are my cousins. In Nebraska. Where abouts are you?
Anyway here are some suggestions: delineate and area where you would like to buy the property.
Go to your local tax collect/treasurer’s office. Ask to see the list of tax-delinquent properties in that area where you want to buy. Send letters to all the property owners whose properties seem reasonable to you. Mail to their tax-bill mailing addresses. Try to find phone numbers for as many as possible, on www.superpages.com or similar sites, and call them.
I wish I knew the state in which you are. In some states the county or other taxing entity ends up owning properties sold for delinquent taxes when nobody else buys them. If this is so in your state, talk to the office(S) that handle such properties and ask if they have any which you might offer to buy.
If the above fails, do a postcard mailing to all the owners of suitable-sized properties in the area you have choosen. Get the owners names and addresses from a title company customer service person, the county assessor’s office, or a mailing list broker. Or hire a high school kid to copy them out of the county assessment rolls.
If at first you don’t succeed, mail, mail again. About every three months or so. Some people will not believe you are serious until they receive your third or fourth postcard or letter. Some people will find that their circumstances have changed and will now call you.
You may get a property at a lower than market price because:
1–there is no real estate commission involved, typically 10% for vacant land.
2–you are paying all cash immediately.
3–the sellers may not be as knowledgeable as you about the market value for similar properties. I’d recommend starting your price negotiations at a very good figure for you.
Good InvestingRon Starr*********