There are many avenues to explore when investing in real estate, wholesaling land is one of the easier. One popular method of investing, wholesaling, allows investors to contract homes with sellers and then resell them to buyers for a profit.
We had Reed Schweizer from Land Wealth as a speaker on this topic recently. Here is an interview with him.
This may sound similar to flipping a home, but the difference is, the investor does not make any improvements or upgrades before reselling the property. Understanding the local market and ensuring you purchase for the right price are key steps to making money as a wholesaler.
Wholesaling is a way for investors to slowly build equity, for very little work. However, reselling homes aren’t the only way to make a profit wholesaling — this technique can also be used when selling land.
Wholesaling Land: The Basics
Similar to wholesaling properties, investors who wholesale land purchase land from sellers and then resell the lots to buyers for a profit. While this may sound more difficult to resell than a home, many investors find this technique much faster, easier, and profitable.
You can get started by purchasing land, either near you or across the country. Since you’re only purchasing a lot instead of an entire house, you won’t have to worry about actually visiting your land, if you don’t want to.
How can you be sure the land will resell for a profit? Here are some tips to keep in mind:
Wholesaling Land: Do Be Afraid to Underbid – While underbidding on a house could rub sellers the wrong way, underbidding on purchasing land will rarely offend a seller. In fact, as long as your bid is realistic, many sellers will accept an offer close to the selling price, in order to offload their land.
Wholesaling Land: Spruce It Up – Reselling will be much easier if your land looks desireable. Whether it needs fresh grass, pavers, or a quick clean up, if your land appears well cared for, it’s more likely to sell. You can also mark boundary lines to give buyers a clearer image of what they’re purchasing.
Wholesaling Land: Have a Good Estimate Closing Costs – Even though you’re only purchasing land, be sure to factor in closing costs and expenses before making your purchase, so there are no surprises.
Be Prepared to Wait – Depending on where your land is located, you might find yourself holding on to your lot for months before finding a buyer. Wholesaling land can be profitable, but it’s not always quick.
Wholesaling Land #1 Key: Have the best data.
More and more in today’s world. Data and information is the key to success. First things first, is your data accurate? Do you have something that no one else has?
If you’re looking for a quick way to invest in real estate, wholesaling land is a great option to explore.
If you’re new to real estate investing, take a look at these tips!
Stop making excuses — just get out and do it!
See you at a meeting soon!
The Southwest Florida Real Estate Investment Association is the leading source of SWFL real estate investing events that provide investment education and networking in southwest Florida. We analyze the housing market and foreclosures and provide information, education and networking events in order to build a network and knowledge base for investors and potential investors. Our members include real estate agent, brokers, investors, hedge fund managers, rehabbers, wholesalers and more.
Our SWFL REIA General Meeting is held in Fort Myers where we provide education on hot topics in investing and an opportunity to enjoy the camaraderie of your fellow investors. You’ll get a chance to ask for advice from successful real estate professionals and even make a few deals on your latest projects.
To become a member, anyone can register as an individual, a couple, or a corporation. Being a member opens the doors for endless networking opportunities, advice from members with decades of experience, new ideas from entrepreneurs, camaraderie with those just beginning, and deals and contracts done in the meeting room. For those interested in Cape Coral rental property investment and/or Fort Myers rental property investment, SWFL REIA will be able to provide a network to help launch a successful investment career.
The SWFL REIA is known and respected as a source of current, actionable and useful information about the housing market in the area that we meet.
We meet twice a month.
One of the premier sources for real estate investing networking and education is the SWFL REIA. In the real estate world, the SWFL REIA is different in that they do not do information product sales. Their meetings are focusing on the best ways of investing in real estate by collaborating with other property investors who are sharing their experiences.
We look forward to meeting you at a meeting soon!
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