Great Deal Seth! (I think you actually said "...during my tenure as owner of the property..." not 10 year". Thanks for sharing this encouraging example with the group / Karl James
amazing case study thanks for sharing . . . yes probably could have bumped them up some from 25K just by saying you already had interested buyers at 40K . . . last they would want is new neighbors lol
Iol figured you we buy land investors would offer 5-10% of the assessed value. That’s kool just let’s me know how to shop around for land. I would not expect to get a retail buyer every time out though. You got extremely lucky 🍀
Seth, love the content, you've really helped out my business. Quick question, what are the drawbacks if someone wants to purchase your land with a loan from a bank vs paying cash up front? I have a wholesale deal locked down and a potential buyer is really interested but wants to get a small loan
Hey Kyle! The biggest drawback is that in most cases, a bank won't finance a vacant lot at all... not unless the buyer has an immediate plan to develop it in some way. That's not to say banks NEVER will, but 98% of the time, it's simply not an option. That being said - if someone can get bank loan, the only drawback is the added paperwork and scrutiny from the lender (adding more time and obstacles before closing can occur). I hope that helps!
Great Video Seth! Two questions real quick: when you say you used a local title company, was it local to you or to the buyer? And when people are paying in full and not seller financing is there a tax on it? Thanks!
Hey Jane! The title company was local to the buyer, in the market where the property was located (not local to me). And yes, whether the buyer pays in full or via seller financing, the seller still has to pay capital gains tax on the profit they make in the deal.
Sound strange. How would the owner right next door to your property make you an offer? You waited a while, then placed it on Craigslist, then suddenly the neighbor finds the listing immediately and made you an offer? No way that’s crap. You had to have sent him an email or some form of mail.
Andy Scheurer that’s actually a good idea since he is not near it. Get pictures and put up sale signs. I’ll try that tactic myself next time I pay someone for pictures and stuff
Good question, I should've explained that part better in the video. It's actually close to what Andy said... when my photographer was on the property, the neighboring property owner (my future buyer) waved them down and asked what they were doing on their "private drive". My photographer told them about how the property was going up for sale. The neighboring property owner then looked up my listing on Craigslist and reached out to me that way.
@@Retipster Now that makes much more sense. Our skepticism should be seen as a good thing though. It means we were paying attention to almost everything you said.
@@LordDarkone - yeah, that's what I was trying to tell myself after reading, "no way that's crap"... lol. Seriously though, I appreciate you paying such close attention!
True, things have changed a lot since 2019. I would never call this the norm (even for 2019). Flukes can and do still happen, but I wouldn't start your next campaign with the expectation that this will fall into your lap.
This is a testimonial that neighbor letter is an effective strategy. Seth's contribution to land investing business can never be overstated! 👍
Thanks for the kind words! That's true - the neighbors can be one of the fastest ways to get results (it was in this case, anyway).
Very helpful! Your tips work anywhere on the globe. Greetings from Romania! Good job! Please post more often! :) Thanks!
Thanks for watching! I'm glad it helped.
Thanks for changing my mindset on land investing!!!
I think you prefer flipping
Happy to help!
Thanks man!
Great Deal Seth! (I think you actually said "...during my tenure as owner of the property..." not 10 year". Thanks for sharing this encouraging example with the group / Karl James
Thanks Karl! Correct... I did not own this one for 10 years, lol. I'll try to speak clearer next time (or maybe add subtitles to the video). :)
Great video thanks for this 🙏
Thanks for watching Yung!
amazing case study thanks for sharing . . . yes probably could have bumped them up some from 25K just by saying you already had interested buyers at 40K . . . last they would want is new neighbors lol
WHOA 🤯 INCREDIBLE
WOW!!! Love your videos, this one takes the cake!
Thanks for watching!
Super great content!
Can you explain how come you can only get such a great deal in land (and not also in houses)?
Thanks, Shon! Have you seen this video? ua-cam.com/video/oZH7VKGBhT8/v-deo.html I think it will help explain some of how/why land works this way.
Super impressive man! Great job!
Iol figured you we buy land investors would offer 5-10% of the assessed value. That’s kool just let’s me know how to shop around for land. I would not expect to get a retail buyer every time out though. You got extremely lucky 🍀
I definitely got lucky on this one... but it's proof that does happen from time to time!
Seth, love the content, you've really helped out my business. Quick question, what are the drawbacks if someone wants to purchase your land with a loan from a bank vs paying cash up front? I have a wholesale deal locked down and a potential buyer is really interested but wants to get a small loan
Hey Kyle! The biggest drawback is that in most cases, a bank won't finance a vacant lot at all... not unless the buyer has an immediate plan to develop it in some way. That's not to say banks NEVER will, but 98% of the time, it's simply not an option. That being said - if someone can get bank loan, the only drawback is the added paperwork and scrutiny from the lender (adding more time and obstacles before closing can occur). I hope that helps!
Beautiful lots i am interested in this type of land for future long term investerm like 30 years
.
Can you show an example of your buying website? Or do you have a video describing it.
Hi Anthony, check out this blog post: retipster.com/buyingwebsite/ and it will show you a pretty good idea of how my buying website works.
I'm literally laughing and smiling at this video. That's fucking amazing! You did it you son of a gun! You're an absolute rock star!😂😂🤘🏼🤘🏼
Is it good to buy a vacant lot in a rural area or stay in the big cities?
Great Video Seth! Two questions real quick: when you say you used a local title company, was it local to you or to the buyer? And when people are paying in full and not seller financing is there a tax on it? Thanks!
Hey Jane! The title company was local to the buyer, in the market where the property was located (not local to me). And yes, whether the buyer pays in full or via seller financing, the seller still has to pay capital gains tax on the profit they make in the deal.
What software or website are you using to look at it in this view ?
I used Parlay for this. This video explains how it works with Google Earth: ua-cam.com/video/c83nptPsYTw/v-deo.html
I am from Brunei
You own the land for about 10 months so how much were your expenses and taxes in those 10 months?
Good question. I just looked back at the tax bill; it was $301.70.
Can you remove the land lock by building a road.
Yes, but the question is... _can you legally build the road there?_
Great deal. Love to hear it
Thanks Eric!
What kind of Deed do you close your deals with? Limited warranty, quit claim, etc?
Warranty Deed when I buy. Special Warranty Deed when I sell (unless I've ordered title insurance, then a Warranty Deed is fine for both transactions).
You owned the property for 10 years?
Nope, more like 10 months... did I say 10 years in the video?? Sorry if I misspoke somehow.
He said tenure
REtipster could you please explain the whole process please. I’ll pay
@@Retipster how much were your expenses for those 10months of owning that property including taxes and all?
Sound strange. How would the owner right next door to your property make you an offer?
You waited a while, then placed it on Craigslist, then suddenly the neighbor finds the listing immediately and made you an offer? No way that’s crap. You had to have sent him an email or some form of mail.
I bet he had the photographer place a for sale sign on the property.
Andy Scheurer that’s actually a good idea since he is not near it. Get pictures and put up sale signs. I’ll try that tactic myself next time I pay someone for pictures and stuff
Good question, I should've explained that part better in the video. It's actually close to what Andy said... when my photographer was on the property, the neighboring property owner (my future buyer) waved them down and asked what they were doing on their "private drive". My photographer told them about how the property was going up for sale. The neighboring property owner then looked up my listing on Craigslist and reached out to me that way.
@@Retipster Now that makes much more sense. Our skepticism should be seen as a good thing though. It means we were paying attention to almost everything you said.
@@LordDarkone - yeah, that's what I was trying to tell myself after reading, "no way that's crap"... lol. Seriously though, I appreciate you paying such close attention!
That cold you had would be called Covid-19 lol
These days it definitely would... luckily that was a pre-covid cold. :)
@@Retipster well is actually could have been.. studies show that covid may have hit america back in november
I hope nobody thinks they will ever get land this cheap after watching this video. Slow those hopes 😂
True, things have changed a lot since 2019. I would never call this the norm (even for 2019). Flukes can and do still happen, but I wouldn't start your next campaign with the expectation that this will fall into your lap.
@@Retipster I agree, well said !
$80,000 to $500. Hmmmm.
Yeah, no kidding.