Turn Vacant Land Into Monthly Income - Let Me Show You How

by Kris Kemp

Currently, I’m earning $600 a month for vacant land. Basically, the buyer wanted to finance his purchase. After coming up with terms we both agreed on, we signed the paperwork and he sends me a check for $300 every two weeks.

Have you ever purchased a land lot and tried for a quick flip, and failed? Perhaps you've tried to sell vacant land for months without receiving one phone call or e-mail.

That's okay, because there's a way you can turn vacant land into monthly income. And it's not that difficult to do.

Before we go any further, I'm going to tell you a little about myself, so you can feel reassured that I'm not some sort of Real Estate whiz. I'm 38. I've been buying and selling land for about two years. I don't have a RE license. And I'm a college drop out.

This is what you do:

1) Call a local realtor and find out the value of your land lot. If you feel weird asking a realtor for the value of the land lot as you're not intending to use him to sell your land, you can flip through a local real estate magazine or visit the MLS (Multiple Listing Service) to get an idea of what your land is worth.

2) Figure out, through talking with realtors, brokers, and looking through real estate magazines, what the land is worth. Write this number down.

3) Visit www.calculator.com. Then, click on "mortgage calculator" button. At the new page, click on "mortgage payment calculator". At that page, fill in the blanks.

Basically, you're creating an amortization (mortgage) schedule for your property. This way, you'll receive a monthly income from selling it, and benefit someone who wants to own land but can afford to pay for it in one lump sum.

4) Visit your land lot. Take pictures of the land, using a digital camera. If you don't have one, borrow one from a friend. Offer to help them around the house or some other kind of barter that they value in exchange for them letting you borrow their camera and sending you the pictures via e-mail.

5) Visit http://www.totalrealestatesolutions....ateforms/html/ and print up this contract. Make a few copies, or make a few prints. If you want another contract, search www.google.com for "free contract for deed forms". You might have to dig 5-20 pages back to find one.

6) Go to www.craigslist.com. Search around for your state and city. Then, click on "real estate". Post an ad for your land lot, something like this:

Own land in ____________ for only _______ a month. No credit checks necessary. Pay off early at any time with no pre-payment penalties. Only _____ lot(s) left. So hurry!

7) Add pictures to the ad. Post the ad wherever you think people might be interested in your land.

To sum it up, you're selling your land with financing at a percentage rate that will provide you income every month. You can do this with a contract for deed, so that the buyer doesn't receive the deed unless he pays off the property.

Within the terms, I allow the buyer to pay off early without any pre-payment penalties, and I allow them to visit, build, camp, garden on the land while they are paying for it. I've done this twice so far via Ebay and both buyers quit paying on the land. Written into the contract was a statement that if buyer fails to pay after thirty days, I can demand the entire payment due. In both cases, I took back the contract and one is under contract again, and another is due to go under contract soon.

Ironically, both buyers, the original buyers, had different down payments. One of them paid $102.50. The other had a down payment somewhere in the area of $1,000 dollars. At the end of the day, I kept both down payments and their monthly payments.

It's not that I'm happy that they didn't make the payment. To be honest, I wish they had.

Selling land with financing allows the buyers to buy land with little or no money down and monthly payments that they can afford, and it allows the seller to make a monthly income. It's a win-win.

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