Flipping Land

[ItsAJackal]

Has anyone ever toyed with this?

Back in the day I used to listen to the Land Geek podcast and also read a good amount on REtipster. The Land Geek was a bit over the top with his character and was more interested in selling his course than teaching, but it was interesting.

REtipster started with a ton of free content but I think most of it is now in his course.

Seems like a pretty cheap way to dip your toe in the real estate game without nearly as much investment. Mostly targeting land that is past due on taxes and sending letters to see if the owner is willing to sell.

 

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[SteveO]

I have over 200 acres of land. 135 acres is part of our golf course. 50 acres are being parceled and sold. Another 18 acres in another state for a second home.

Land is a casual way of investing without stress. I like it.

I bought 50 acres from people that got the properties from a tax lien. 40 acres did not have access. 10 acres had lawsuits from improper foreclosure. I needed to buy the 10 in order to give myself an easement to the 40.

Hired a lawyer to work with the other lawyers. I offered my money to settle their dispute in exchange I got the land. Worked out well for me.

I had my attorney communicate with one party to let them know that even if they won their lawsuit, they would not have access. Communicated with the other party that they would need to include another parcel that gave me access.

I split that parcel, sold part of it and gave the rest to the county.

Fun game. My wife kept telling me that I was crazy. I knew that already though.

 

[Yussef]

Has anyone ever toyed with this?

Back in the day I used to listen to the Land Geek podcast and also read a good amount on REtipster. The Land Geek was a bit over the top with his character and was more interested in selling his course than teaching, but it was interesting.

REtipster started with a ton of free content but I think most of it is now in his course.

Seems like a pretty cheap way to dip your toe in the real estate game without nearly as much investment. Mostly targeting land that is past due on taxes and sending letters to see if the owner is willing to sell.

Not only is it doable, it is not very hard and you can wholesale land just like a home.

 

[Vigilante]

I assume the land needs to be titled in your name before being resold

 

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[SteveO]

I assume the land needs to be titled in your name before being resold

It doesn't need to be but timing to move land could be an issue.

 

[SteveO]

0

I have over 200 acres of land. 135 acres is part of our golf course. 50 acres are being parceled and sold. Another 18 acres in another state for a second home.

Land is a casual way of investing without stress. I like it.

I bought 50 acres from people that got the properties from a tax lien. 40 acres did not have access. 10 acres had lawsuits from improper foreclosure. I needed to buy the 10 in order to give myself an easement to the 40.

Hired a lawyer to work with the other lawyers. I offered my money to settle their dispute in exchange I got the land. Worked out well for me.

I had my attorney communicate with one party to let them know that even if they won their lawsuit, they would not have access. Communicated with the other party that they would need to include another parcel that gave me access.

I split that parcel, sold part of it and gave the rest to the county.

Fun game. My wife kept telling me that I was crazy. I knew that already though.

Just to add for interest. The person that had all this property foreclosed on, is the owner of a competing golf course. I don't believe he cares for me too much. I hired both of his high level managers. They came to me though.

I was surprised that he was able to keep his emotions in check and work through the issues.

 

[MHP368]

I know someone who makes a living buying and selling like this. Hitting the tax auctions and then outright buying in some cases. Its a very frugal existence.

The problem per her is that big fish like banks end up at the auctions as well so you can only ever afford the marginal land

 

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[Michael Burgess]

"Flipping" in my mind implies actually improving the asset - eg flipping a house would involve new flooring, a kitchen, tile in the bathroom, landscaping, etc.

Mind you, if you get anything cheap enough - land in this case - you can always find a buyer for it. Just consider that many lenders don't like loaning much money on vacant land, permits / zoning require some nuance to understand, and land is probably a lot less liquid that something with a building on it. Just a few things to think about!

 

[SteveO]

"Flipping" in my mind implies actually improving the asset - eg flipping a house would involve new flooring, a kitchen, tile in the bathroom, landscaping, etc.

It is not a requirement to work on the property in order to flip.