The Virginia Company sought investors who were willing to create “particular plantations” (as opposed to the more general company colonies of Jamestown and Henricus). These independent units would be responsible only to their own stockholders, who could make decisions independently from the corporate office. This arrangement gave extra power to wealthy gentry investors who already owned large tracts of land, and it also minimized the risk that the company might not be profitable overall. It did, however, create confusing loyalties and potential conflicts of interest.
Tobacco grew quickly in the new colony, and it could be sold in England for a high profit. The company hoped to use the profits to expand its operations and eventually become a major tobacco exporter. This was the primary reason that company officials emphasized the value of buying shares of stock, which earned shareholders not only a stake in the venture’s success but also a plot of land to cultivate.
Shareholders paid PS12 10s per share in 1616, a significant sum that included a grant of land valued at PS6 30s. The company needed additional funding, and officials decided to create a system of granting headrights. These grants promised fifty acres to anyone who paid for their own or another’s passage to the colony, thus relieving the company of one of its largest expenses.
While this system worked well for the company’s early investors, abuses developed. For example, ship captains who brought people to the colony and then died in the wilderness were able to claim headrights for them. This practice stretched the company’s resources and also undermined its credibility by granting rights to squatters who did not actually arrive in the colony.
Wholesaling real estate is an investment strategy that allows you to purchase property and then resell it at a higher price for a quick profit. When you wholesale property in Virginia, you typically charge an assigning fee between 5% and 10% of the selling price and can choose to either close the deal with a buyer and receive your assignment fee immediately or double-close by buying the property for a short period of time before reselling it.
Identify the Property’s Fair Market Value
To determine the fair market value of a piece of pros and cons of selling to a Virginia land company , you should run comps. You should also account for seller closing costs, including a survey of the property and title search fees. You will also need to pay property taxes when you sell the property.
If you are considering purchasing a piece of land in Virginia, it is important to consult with experienced real estate professionals and real estate appraisers in the area. These professionals can help you find the right property at the right price and avoid pitfalls that may cost you money. They can also assist you in obtaining all necessary documents, such as land deeds and property tax records. They can also provide you with a professional land survey, which will verify clear ownership of the property and identify any potential encumbrances or liens.