How Does Land Arb Work?
The actual process of LAND ARB is pretty straight forward. First, identify the properties you would like to purchase and ultimately sell to a retail buyer. Then reserve those properties by making the down payment and paying the doc fee.
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After that is completed, we will prepare and send you the Land Arb contract to review and electronically sign. The contract we use is the same one that was used during our Land Geek flight school training.
We will take the contract and begin inputting the information and initializing the new loan terms in GeekPay for you.
You will begin marketing and trying to sell your newly acquired properties. Make sure you download the due diligence report and marketing photos that are provided in Airtable.
As you begin marketing and then sell the properties, 1 of 2 scenarios will happen:
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You find a buyer who wants to pay you cash for the property
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Your new buyer will purchase the land on terms from you
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So now what happens?
For scenario 1 above, you can either pay off the remaining balance with us before or after you receive the money from your buyer.
For scenario 2 above, you can either pay off the remaining balance to us in one lump sum or continue to make the monthly payments based on our Land Arb contract.
Which one you choose is up to you, but here is something you will want to consider. The deed is still recorded and owned by us. So how fast do you want or need the deed to be transferred and recorded in your name? Assuming the county is available on Simplifile, it may not be that big of a deal. However, if the county does not use Simplifile to record the deeds, then the deeds will have to go through regular mail.
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We will always transfer the deed to you and NOT directly to your buyer. So please account for that when you decide how you would like to pay off the outstanding balance with us.
