If it’s in a good location, and the land alone is worth at least that much, then you really have nothing to lose. I think it’s a great idea and was considering doing the same around here. We get a bunch of calls every single time we put out a batch of signs, and to have a big permenent sign on “main street” would be awesome. Cost would be prohibitive around here, so I’m thinking of approaching other businesses and trying to work something out with them.
Purchasing lot for advertising - anyone try this? - Posted by Carl (FL)
Posted by Carl (FL) on August 27, 2003 at 20:59:08:
In my area, bandit signs are illegal and don’t stay up very long. I have located a vacant residential lot for sale on one of the major traffic roads here and I can probably pick it up for about $15k. Got the cash, not a big deal, figure a deal or two buys me the lot.
I have read the city code and real estate signs are exempt from permits and restrictions, as long as they are under 6 ft^2 in size and 10 ft from the property line. I figure I can have in little letters “this lot for sale” and in big letters my “I BUY HOUSES” message. Shouldn’t be any more illegal than a typical real estate advertisement I’d guess.
Anyone try something like this? It’s a tough market here competing with the flood of H*meVestors huge billboards. Direct mail has produced dismal results.
BTW I also ordered 10 more magnetic car signs. I’m gonna rent credit my tenants for keeping them on their cars, after I raise the rents of course. One of them works at a local grocery store preferred by local alcoholics and lottery addicts.
Maybe you could lease-option the property? Give you a test period before you have to pony up the money. Maybe even buy on time: a downpayment and pay off a mortgage over time. That gives you a lower out-of-pocket cost in the beginning.
Purchasing lot for advertising - Posted by David Krulac
Posted by David Krulac on August 27, 2003 at 21:36:57:
in resort areas, builders often use van or other large truck, like a atep van with either painted sign on the truck body or a changeable plywood sign bolted to the side of the truck. Usually the truck never moves all weekend or longer.
Before I’d spend the $15,000, I would do a test, by contacting the owner and asking permission to put up a sign, maybe even paying a little rent and seeing what kind of response you get.
The Zoning people can be very picky andf they might overrule your sign from the get go, which would be another reason not to spend the $15k up front.
Posted by Carl (FL) on August 28, 2003 at 08:28:36:
The down pay idea is good. Less out of pocket, and more than recovered by first deal.
Whatever the results, the land IS worth the money. i could make a few bucks down the road off of it. The only holding costs otherwise are taxes at about $375 per year.
Re: Purchasing lot for advertising - Posted by Carl (FL)
Posted by Carl (FL) on August 28, 2003 at 08:26:06:
The city has code specifically addressing parking vehicles for this purpose. I could get away with it in a commercial parking lot maybe, but not on vacant residential land.
The owner of this lot is a realty company who specializes in vacant land. They might allow me a short term test but their primary goal is to sell the lot using their own signs. City code only allows one sign per road frontage, so theirs would have to come down.
I had actually thought of financing the lot, as Ron had mentioned. This would probably only require 30% down. I’ll make more than that after one deal.
Mainly I’m concerned with the effectiveness of this. I’ve read that bandit signs have been most effective for people here. This is sort of a permanant bandit sign. Expensive, yes, but it would be there when they finally decide to make the call.
I’m a part timer at this now doing about 2-3 deals per year. I’ve decided to try and at least double that over the next year, so have been experimenting with different advertising methods.