I am a tax lien investor who recently acquired a tax deed on a buildable residential lot in Florida. The lot has a county appraised value in 2012 of $9,000.
I have placed an ad in Craigslist and have received a couple of emails from what I presume to be wholesalers, but it seems in responding to their online forms, they are looking for homes rather than building lots.
I’'m looking for advice and info on selling this lot quickly to get a return on my investment?
Thanks
Greg
Go to local RE Investor Meeting and talk locally, a $9,000 value lot is not going to make you rich.
I normally sell for what I have in it plus the interest I would have gained if it had been redeemed.
Do Not look to get rich in the tax lien business from acquired property, most is sold for taxes for a reason…it AIN’T worth more than the taxes…invest for the interest and penalties and you will be a lot Happier Investor.
Thanks for your info and response Bill.
I am not looking to get rich quick with this at all, which is why I’m open to Wholesalers and seller financing of this lot. I just need to know the best way to market this property, in order to sell it. Are there other places besides Craigslist, Ebay and Bid4Assets to list it?
Appreciate the feedback!
A lot depends on the local economy and whether builders have started building again.
When I was selling lots, I would approach all of the builders that were building in the area. I had first gone to the courthouse to see what they had paid for the lots and what new construction in the area sold for. As a rough indication, think of a lot being 25 of retail value of a new house. But that all depends on the local market and if the economy has come back.
You can also approach the property owners on either side to see, if they’d like to have a larger yard for future potential.
Don’t really pay a lot of attention to tax assessor’s value. Doesn’t mean a whole lot. It can be worth more or less than what the county says.
Selling buildable lot in FL…
I am in Lakeland, FL. I own two properties with double lots - the extra lots could be built on. I haven’t built, or sold. Reason: (last I knew - there was talk of changes) FL had a very high impact fee - almost $10K. With the market for existing homes so low (is coming up some lately), nobody was building new homes. Lots, unless very good location, have very little value, and draw very little interest. I had a realtor call me the other day with a lot next to one of my properties - said they dropped the price to $5K, and open to negotiation. I told him I had no interest - doesn’t make cents to build on it; residential lots are not very useful otherwise; just a vacant lot where somebody could get hurt and sue me, and more taxes to pay every year. I don’t know other areas of FL well, but I suspect there is a good chance some of the same logic applies.
Best wishes,
Chris in FL
First thing I do is look up all the adjacent and nearby owners…send them a letter, I just sold one to a guy who lived across the street…wanted a place to park his boat.