|
Where do I find good raw land? |
|
|
|
|
Written by Kennedy Funding
|
|
Friday, 05 January 2007 |
You can start your search by contacting farmers, investors, real estate agents, state and federal agencies, cities with odd lots they need to put back on their tax rolls, bureaus of land management, federal marshals, tax sales, bank foreclosures, developers, property heirs, the elderly, and family and friends.
Property is often advertised through newspaper ads, real estate brokers, For Sale by Owner signs, flyers, bulletin boards, the Internet, etc. If you want to find the deals, then you’re going to have to dig for them. And you may want to visit the county clerk/recorder's office to search the public records for the following:
• New probate filings, use them to contact heirs
• Eviction proceedings to contact out of state landowners
• Arrests - these people may need money and may also be going away for a while.
• Bail bondsman who may have forfeited collateral in the form of land.
• Divorces filed, leading to a division of assets
• New guardianships to contact disinterested heirs.
• Deeds in lieu of foreclosure, private sellers may in turn sell it to you.
• Lis pendens means litigation pending, often signaling foreclosure.
•
You will most often be contacting many of these sources by writing to them. Don't get discouraged when you don't get immediate replies. They’ll come with persistence. The smart ones will get on lists and pay services to monitor many of these potential sources. But good old-fashioned detective work does pay off. When researching in this manner, secrecy is one invaluable tool, and fast action using cash is another.
|
|
|
Where can I go to get a raw land loan? |
|
|
|
|
Written by Kennedy Funding
|
|
Friday, 05 January 2007 |
|
Probably not a bank. The banks pretty much stay away from raw land. There’s simply no way to process raw land loans with a cookie cutter approach to lending, which is what banks are known for. The only way to evaluate a raw land loan is to get your hiking boots on, roll up your sleeves, and look forward to getting your hands dirty. What’s also necessary is to review reams of documentation, speak with city and county governmental authorities, and make decisions based on an assessment of various probabilities, with an underlying understanding that there are never any certainties when it comes to raw land development.
So who does that leave? In a word, the direct private lender. Or, more to the point, Kennedy Funding. Because as the number one lender in the raw land loan arena, we can loan up to 75% Loan To Value ratio on raw land – higher than practically anyone. And we can get you your money in the shortest possible time, with the least amount of headaches.
And that’s the raw truth.
|
|
|
How do I determine the value of raw land? |
|
|
|
|
Written by Kennedy Funding
|
|
Friday, 05 January 2007 |
Let's look at the things that appraisers consider.
• Site size and shape, represented by frontage, width and depth.
• Corner influence equals visibility for commercial, or privacy for residential.
• Plottage: Has assembly or combining of parcels been accomplished?
• How much land is excess or surplus? Surplus has less value than what is required.
• Topography: Land's contour, grading, natural drainage, soil, view and usefulness.
• Accessibility: Parking, location, streets, alleys, connecting roads and highways
• Environment: Climate, air quality, streams, rivers, lakes, oceans and the absence of any hazardous materials.
Get a professional to help you out with these issues. The money will be well spent.
|
|
|
What is considered good or bad land? |
|
|
|
|
Written by Kennedy Funding
|
|
Wednesday, 18 January 2006 |
The worst land you can buy is swamp or marshland. Usually, flat land is the least expensive to develop and the most desired for building purposes. Land with barren rock will increase costs and virtually eliminate a basement just the same as a high water table. Loamy soil, which consists of a balanced mixture of clay, sand and some organic matter, appears rich and dark in color and is considered ideal for most purposes. As opposed to good soil, you don't want hard cracking ground when dry or sticky soil when wet.
These days, some people are literally heading for the hills. Granted, the views can be spectacular but roads, utilities, water, sewer, and foundations, such as pilings, can add 25-30% to building costs alone, further adding to this already expensive proposition. When considering going vertical, an 8-degree slope is about the limit when concerning building economically on hillsides. Plots with trees, a view, rectangular in shape, a gentle slope or none and a good location are most often preferred, and streams can boost values by 100% in some cases. |
|
|
Kennedy’s Hawaiian Presence |
|
|
|
|
Written by Kennedy Funding
|
|
Monday, 09 August 2004 |
|
Kennedy Funding recently closed a $14.5 million raw land loan with Seascape Development, LLC, making possible the purchase of 50 acres of beautiful raw land on Hawaii’s Big Island. |
|
Last Updated ( Friday, 05 January 2007 )
|
|
|
Kennedy Joins the Neighborhood |
|
|
|
|
Written by Kennedy Funding
|
|
Monday, 09 August 2004 |
|
Thanks to an $816,000 loan from Kennedy Funding, Southeastern Properties & Marketing was able to purchase 195 single-family lots in the prestigious Grand Valley Lakes subdivision in Saulsbury, Tennessee. |
|
Last Updated ( Friday, 05 January 2007 )
|
|
|
Blog