One of my coaching students approached me with a real estate investment opportunity he wants to pursue. Upon review, the opportunity had potential, which to me means it is worth doing the research on. However, upon my questioning, the student, like many others, does not have a process in place for getting to and possibly through the transaction. There is an important difference.
The below linked article is an example of the point. It highlights how more agricultural properties in Nebraska are being sold via auction while showing the trend. Chances are the majority of readers are not looking at agricultural land in Nebraska. You don’t have to be focused there to understand how a plan and a process need to be in sync to create success in real estate.
One can be in any of several situations to benefit from information and research like what is included in the linked article. One example is if you are looking for agricultural property or opportunity in the Plains (or Nebraska in particular), you learn about ways it is being offered. It might lead you to consider an auction. If you are looking to sell, you get a better feel for recently used methods, and which gets you the urgency or the best price. If you have a plan to sell or acquire, you get options to consider.
Let’s say you choose to attend an auction, which is your plan. It is then you need to have the process in place. Your process needs to include reviewing and researching the properties which may be presented during the auction. Factors include the maximum amount(s) you would bid, whether or not the specific location would work, and the time and cost needed to get the property ready for your intended use. In anticipation of a purchase, your process needs to include funding (especially for an auction where you will need immediate cash), along with an attorney, insurance, and other expenses related to a transaction.
If not looking for anything in Nebraska and/or a different category of property, it is crucial to understand formulating a plan and a process to make it happen. It takes both to be “first in” on a great opportunity. We are here to help you every step of the way!
https://www.farmprogress.com/farm-business/land-auction-methods-how-selling-farmland-has-changed
