I’m sorry, but you should have done your homework. This business you HAVE TO DO YOUR HOMEWORKL I also know that you are a newbie and it might be a lesson well learned, yes I do have an advantage, I have been is the Business a for a couple of years. I have learned a major lesson, HIRE TO HAVE IT DONE. That way you can still make money on the side and have 2 incomes. The reason I say this or type it,HA,HA,is simply the fact if you would hire an attorney to do this it would cost you alot less in the long run, because this is obviously going to be your niche, unless things change. I don’t know what kind of reading you do but most reading on my part say get a team together.Accountant, attorney,private financeer,etc. I ignored that for a long time and DID I PAY. Sorry it’s so long but from somebody that’s gone through it.
Hi,
I have been offered 5 acres of land at 15k/acre. I must put down a deposit of 6k to hold the parcels. I have found out that these parcels will be selling for 23-25k/acre in January. I want to secure 5 acres now and sell them to an investor for a profit. How do I do this? Do I have to take out a loan on this and take title in my name? Can I assign the contract to someone else for 25k now with out taking title in my name and how would I do this?
Hope to hear back from someone with expertise in the field.
Thank you.
Re: Securing some land and selling it later - Posted by Killer Joe
Posted by Killer Joe on October 22, 2005 at 24:36:34:
Hi Ryan,
Rusty’s right, a better than 50% increase and in one football season? That’s a hefty increase, you should explain.
I buy land. Specifically, land in the path of growth. If you are looking at such land it may be a good long term investment. Most of the land I look at needs to be purchased with private money. How you get the money is your business. Institutions don’t like to loan on raw land, not to the degree they do for improved lots.
You appear to be asking for $5K of the possible $8K spread. That’s a lot to flip to an investor, no pun intended. HTH
In looking into this area, I have found that listed comparable lots are now going for 25k market value. I do not know why he is selling these lots so cheap now but he is starting at 14k and each week raising the price per acre until escrow closes in January. The seller is a land developer who is subdividing them into 5 acre plots. I have never done any real estate purchasing so if you have any ideas let me know. I really want to know how to assign a contract to someone else without taking title into my own name.