Michaela-ATL 's Post: She spilled her Guts! - Posted by Tyrone
Posted by Tyrone on October 05, 2003 at 21:20:20:
This seems to be a simple concept if you have a good property search service:
Here’s what she wrote:
I’ve made a whole lot more money with lots than with houses in the past 2 years. The thing is I only work when I need money ;-). I’m kind of lazy and when I run tight I say to myself: Ok, you gotta do some work. Go out there and find a lot next week - and then I do find one. I do abandoned lots with tax liens. They usually had a house on it, that got torn down years ago and the owner had already given up or is dead. Now the neighborhood is coming up, but the taxes are high and people have all forgotten about it.
Here are the pros:
- I don’t have to compete with 3000 other investors, since everybody else is focused on houses.
- The owners/heirs have no idea about the value
- They usually don’t have much money and are happy to get something
- Probate needs to be done and I have my attorney do it all and I pay for it, so they can just sit back
- In the right neighborhood I have no problem selling the lots. Builders just gobble them up.
- I like to do a little detective work, as in searching for owners, then for their heirs etc. Most people don’t so, there’re quiet a few lots out there, that none has redeemed.
It can be quiet a lot of digging to find the present owner. Internet, vital statistics, courthouse, probate etc.
there aren’t as many lots as there are houses
you have to be proactive and find them. You can’t really advertise ‘I buy lots’, because people don’t even remember grandpa’s lot and that they could sell it.
Since I’m planning on moving in Spring, I figure I’ll buckle down and really work the next few months and make some money, so, that I have an easy start somewhere else. An whenever I make a decision like that I can pull something to me