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Does anyone actually flip land they inherited or is it always something you went out and found

My aunt passed in March and left me a 17 acre parcel in rural Bledsoe County, Tennessee. Property taxes are $340 a year, no mortgage, no structures, just raw wooded hillside with a gravel road easement that was written into a 1991 deed. I have looked at it once. The assessed value is $28,000 but I have seen two comps in the same township sell for $41,000 and $47,000 cash in the last 18 months, both around 15 acres, both similar terrain. So the spread feels real but I did not go find this deal, it landed on me, and I am not sure that changes anything practically but it feels different somehow. I have been reading about seller finance paper as a way to move parcels like this to buyers who cannot get conventional loans, and the idea of carrying a note on something I have zero basis in is not unappealing. But I have no experience originating a land contract, no servicer lined up, and no real read on what kind of buyer shows up for Bledsoe County acreage. Curious whether people in here have worked inherited parcels or whether the deal flow here is almost entirely off direct mail lists.

3 replies

Inherited my first one too, 22 acres in Prentiss County Mississippi, zero basis same as you, felt like found money and that confidence made me sloppy. I seller-financed it to a guy in 2021, $38,000 sale price, $4,000 down, 9.9% over 7 years, and I skipped the servicer because I thought collecting a monthly ACH was simple enough to self-manage. He stopped paying month 11, I had no land contract servicer on record, and the Tennessee-style forfeiture process Mississippi uses still took me about 6 months and maybe $2,200 in attorney fees to unwind before I could resell. Get a servicer before you close, not after, companies like Madison Management or LMCU land division will do it for under $30 a month and they create the paper trail that actually protects you if you have to foreclose or forfeit. On your buyer question for Bledsoe County specifically, the people showing up for rural Tennessee acreage at that price point are usually hobby hunters, people wanting an off-grid foothold, or other land investors who will lowball you hard. Seller finance with $3-5k down and a 10-year note at 10-11% actually opens the door to that first group and they tend to be stickier payers because the land means something to them beyond a spreadsheet.

Carried a note on inherited 11 acres in Overton County, 2019, zero basis same as you.

Buyer stopped paying month 14, took eight months and $4,200 in legal fees to get the land back.

Servicer matters more than the note terms, and I did not have one either.

Bledsoe County is thin market, which cuts both ways. Fewer comps to argue against your price, but also fewer buyers showing up organically, so you're probably looking at a 90 to 180 day sit if you list it retail even at the lower comp number. The seller finance angle makes sense given your zero basis, but the buyer pool for a carried note out there skews heavily toward people who want to camp, hunt, or eventually build off-grid, and those buyers are real but they shop on monthly payment not purchase price. I've seen notes on rural parcels like that get serviced fine for two or three years and then go quiet right around when the buyer hits a rough patch, and with a small note under $50k you're not going to find a servicer who treats it seriously. The thing I'd want to know before I decided anything is whether that 1991 easement is recorded and whether it's exclusive or shared, because that gravel road access is either your best selling point or a latent headache depending on how it's written.

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