How to Wholesale Vacant Land (Step by Step) | Day#25

TL;DR

Wholesaling vacant land is an easier and profitable opportunity compared to single-family homes. It can be done virtually in any market, making it perfect for virtual wholesaling.

Transcript

welcome to day 25 of our 30-day wholesaling challenge we're talking today about the ultimate vacant land guide what is it how do we do it and how can you implement it in your wholesaling business but before I get into it first do me a favor make sure you smash that like button you hit that subscribe notification button to continue to receive the ab... Read More

Key Insights

• 👻 Wholesaling vacant land allows for virtual operations since it can be done in any market and is not limited to a specific location.
• 🏝️ The valuation process for vacant land is simpler than for single-family houses as it only requires determining the land's value without factoring in the condition of a structure.
• 🏝️ Cash buyers in the area can provide valuable data to establish land value and identify potential sellers willing to sell at a discount.
• 🥶 Cold calling, SMS texting, and direct mail marketing are effective methods to approach vacant landowners and negotiate deals.
• 😅 Reverse engineering successful wholesalers' strategies can provide insights into potential hot markets for vacant land wholesaling.
• 🤝 Vacant land wholesaling can offer longer contract periods and more flexibility in closing deals due to sellers' less emotional attachment to the property.
• 🇧🇻 Vetting cash buyers is important to ensure they are legitimate and capable of closing on vacant land deals.

Questions & Answers

Q: How is wholesaling vacant land different from wholesaling single-family homes?

Wholesaling vacant land is simpler because it only involves valuing the land itself, rather than considering the condition of a structure. It is solely based on the land's value, making it easier to assess and sell.

Q: How can vacant land be incorporated into a wholesaling operation?

To incorporate vacant land into a wholesaling operation, find cash buyers in markets with abundant land availability. These buyers will provide the comps needed to determine land value. Then, find vacant landowners willing to sell below the determined value and complete a wholesale deal.

Q: Where can vacant land be found for wholesaling?

Vacant land can be found by using platforms like listrei.com, driving for dollars to locate overgrown lots or infill lots, and searching for FSBO listings on sites like Zillow and Trulia.

Q: What are effective marketing methods to approach vacant land sellers?

Cold calling is the most direct and effective approach to reach vacant land sellers. SMS texting is scalable and can be used to convert leads into phone calls for better chances of closing deals. Direct mail, specifically postcards, can also be a successful marketing method for vacant land wholesaling.

Summary & Key Takeaways

• Wholesaling vacant land is simpler than wholesaling single-family houses as it only involves valuing the land itself, without considering the condition of a structure on top of it.

• Vacant land can be found in various stages of development, from raw land to infill lots. People buy land as a speculation or investment, and wholesaling provides an excellent opportunity to sell it quickly.

• To get started, find cash buyers in the area of interest and determine the price points they're comfortable with. These cash buyers' data will serve as comps to help assess the value of the vacant land. Once the value is determined, landowners can be approached for potential deals.