First I want to thank everyone for their advice with my first RE deal. I made mid 5 figures on my first flip and have bought another house to do it again.
I recently posted an ad online basically saying I'm interested in buying farmland in my area. Today I got a call from a lady with 125 acres for sale from an estate. It's less than 1 mile to the booming city of Saskatoon, SK. and is right next to land owned by Potash Corp. for their Cory mine near Saskatoon. Normally I wouldn't pay too much serious attention to land like this as I couldn't ever afford it, but they're only asking $1,500 an acre. I don't think they realize what they have on their hands and have just started the process of selling the assets of the estate.
I just fired off an email to Potash Corp. to prod them a bit and see if there could be potential for a deal here, but I'm not sure how to go about doing it exactly. Because of the second house we just bought to flip my cash is tied up and I cannot afford to buy this land right now.
That's why I need your guys advice on how to do this. I was thinking I could put an offer in and tie up the land with the condition of financing in case it didn't work out with Potash Corp. then go to them and sell the land to Potash. Does anyone have any experience with a deal like this? Is it possible to take money that Potash would pay me and pay the previous owner as I don't have the money myself? How do I stop Potash from saying no to me, or the land owner backing out and then they just dealing with each other directly? What kinds of things can I expect from such a big Corp. and how do I deal with them?
Also, does anyone know how much per acre I could expect if it was good potash producing land?
Thanks in advance for the help and advice. This could turn into nothing, or it could turn into a huge windfall for me, am pretty excited about the possibilities.
I'll be away for a few days on a canoe trip, so forgive me if I don't get back to your responses right away.
I recently posted an ad online basically saying I'm interested in buying farmland in my area. Today I got a call from a lady with 125 acres for sale from an estate. It's less than 1 mile to the booming city of Saskatoon, SK. and is right next to land owned by Potash Corp. for their Cory mine near Saskatoon. Normally I wouldn't pay too much serious attention to land like this as I couldn't ever afford it, but they're only asking $1,500 an acre. I don't think they realize what they have on their hands and have just started the process of selling the assets of the estate.
I just fired off an email to Potash Corp. to prod them a bit and see if there could be potential for a deal here, but I'm not sure how to go about doing it exactly. Because of the second house we just bought to flip my cash is tied up and I cannot afford to buy this land right now.
That's why I need your guys advice on how to do this. I was thinking I could put an offer in and tie up the land with the condition of financing in case it didn't work out with Potash Corp. then go to them and sell the land to Potash. Does anyone have any experience with a deal like this? Is it possible to take money that Potash would pay me and pay the previous owner as I don't have the money myself? How do I stop Potash from saying no to me, or the land owner backing out and then they just dealing with each other directly? What kinds of things can I expect from such a big Corp. and how do I deal with them?
Also, does anyone know how much per acre I could expect if it was good potash producing land?
Thanks in advance for the help and advice. This could turn into nothing, or it could turn into a huge windfall for me, am pretty excited about the possibilities.
I'll be away for a few days on a canoe trip, so forgive me if I don't get back to your responses right away.
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