Oh boy, two days in a row I got contacted by sellers that want to move their lots, but it turns out they are both landlocked. One of them is a toss-up, 6 acre in Costilla SLVR, whether or not to buy it (I flat out told the seller she may just need to claim a loss on income taxes). The other is a 40 acre farmland in AZ. Better, but don’t know where to start with or how far I should go regarding easements.
Do dealers usually get the easement and then sell the lot with legal access, or is it better to just research what needs to be done and flip it without legal access?
I’m waiting for the Roads Dept to call me back, but assume I will have to start calling the owners of adjacent lots.
@suitedconnector with no assurances of an easement and no other information, those both sound like great deals at around $100 a pop, maybe $500 tops.
If you can get some kind of assurance that an easement is possible, then that might bump the value up a tad, but it still wouldn’t be much, because you’d be buying with a lot of uncertainty and a bit of work ahead of you to make it worthwhile.
@donyost Oh wow. Those owners are going to be pissed. But they are both naive for not doing the proper due diligence. One guy has been paying taxes on it for 50 years.
I was wondering why I found a couple of adjacent lots to the 40, which the investor bought each for $2k and then sold for $14k (one; the other still listed). Perhaps they had easements already. Or he bought them cheaply because of no easement, then got the easements and sold for big profit.
Perhaps they had easements already. Or he bought them cheaply because of no easement, then got the easements and sold for big profit.
Maybe an easement was involved. Maybe not.
Remember, people buy land for all kinds of illogical reasons. A well-marketed property can sell for a lot more than one that isn’t marketed at all.
It’s kind of like how people pay ridiculous amounts of money for art or NFTs and feel good about their “investment,” even though it’s an emotional purchase, not useful for any purpose other than vanity. Some people will buy useless land for the same reasons.