Quote:
Originally Posted by The Cobra
Multiple sites under contract means that he has control over a number of sites.
Since it's no secret he's doing that, there is nothing disreputable about it. perhaps he's paid an option fee to do this?
My guess is that there is a ton of empty land in Arizona, and potential sellers are eager to sign up for even a chance of being a chosen seller.
If a seller enters into an agreement which doesn't bind the buyer to actually close, there is nothing wrong with the buyer not closing. It is done all the time.
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A LOI is not a contract. And having multiple LOI’s in play is not “done all the time” by serious people.
Buying options on different tracts of land, not knowing which ones you want to develop, would be dumb. No intelligent person is doing that. Especially with the cost of capital in this market.
This guy loves blowing smoke and I’m surprised anyone believes what he says.