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Mastering the Search for Valuable Rural Land: Persistence is Key

Submitted by Dee on 2007-01-08 and viewed 2587 times.
Total Word Count: 575
  

Be persistent in your search for the "right" rural real estate investment. It will pay dividends in the future.

Advice from LCF Group


Mastering the Search for Valuable Rural Land:  Persistence is Key

As you follow the writings of LCF Group (we own rural real estate and market it "For Sale by Owner" www.va-mountainland.com),you will see how we begin with a vision for a certain type ofinvestment,and then follow through to the end with reporting, thenre-investing,  a satisfactory profit. 

Whenyou dream of an investment in rural real estate, understand that thesearch is an important step in the investment process, and that "rightthinking" during this time will pay dividends in the future:

Weplan to document our finding, purchasing, developing, marketing andselling of "Old Crooked Road Farm" (pictured above) in Franklin Countynear the Blue Ridge Parkway-- please understand that we have alreadyinvested time by cultivating personal relationship with its priorowners to come to a mutually beneficial agreement for our purchase ofthe property.  Over the years working with real estate, suchrelationships have been the key and often endure for some years beforethe transaction, and a great many years after.  The reward of thisrelationship goes beyond just buying the land, and often results inreferrals of one kind or another.

The number of sourcesfor property to buy are many,  and listings are endless, so a goodrule of thumb is to begin with a broad selection (so you feel like yoursearch was comprehensive) and then narrow it quickly.    

You may search multiple listings for the areayou determined to be desirable.  There are several sites on theweb (search for your desired locale, many link to real estate agenciesthat may help you, or "for sale by owner" and region), or you maytelephone an agent in the local area for some suggestions. 

Realestate agents and buyers agents can be very helpful.  It isrecommended that you interview the person you plan to work with andmake sure you both have a clear understanding of what you are lookingfor, how much you can really afford to pay and how much you have towork with as a deposit and down payment.  Full honest disclosureis important to not waste your time or that of agent.  

Make a visitto the area. Go when you have ample time, so you can really engagewith the town/city and its points of interest.  When you arrive,pick up a local paper and any “trader” publications-- they often have awealth of information, and you may check the classified ads forproperties currently on the market. While browsing, you may learn of anupcoming auction of property or an estate sale.  There will alsobe somefree magazines available with the local realtor.  Checkwith the Chamber of Commerce to pick up some materials; they generallyknow (or have contacts who know) who owns what and who’s selling.  

You may wish to do a little advertisingof your own.  Prepare in advance some business or personal cardswith your contact information, and encourage acquaintances to letyouknow of any possible buys they stumble upon.  Tack onto apublic bulletin board a half-sheet request: “Wanted…”, with tear-offs,so they may respond to you.  You could place a wanted ad in thatlocal paper you picked up.  It may be a real bargain if it savesyou time and energy.

Try to end up with a few properties thatyou will want to look at in more detail.  Prepare to get to knowthe current owner and have a list of questions you'll want to ask, asyou hear their own stories of the unique history of the property.
 

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