Buying Land As An Investment Newbie Questions
Hello! I have been gone about 30 days. I am now moved and looking to start having some fun!
The area I have moved to is reasonably rural, parts are developing quickly and there is much land to be had out here, but being new to the area and REI I would like to ask for a few pointers as to how I would find fair values for an area. Most of the land that is up for foreclosure around here is undeveloped, some partially developed. Some are land homes with a mobile and not much else. I think it makes sense (for me) to start out small with residential lots as they are less money to risk in the beginning. Does that make sense?
Having been a "city kid" my whole life, I know there are things to look out for like water availability, most of these areas are still well water type places. Mostly septic systems out here, no city services other than electric and sometimes gas.
Most of the towns are less than 3000 population some larger.
Other than watching prices in the local papers where is a good place to gain info on recently sold properties, finding out if land is zone commercial, residential etc. and any other input anyone might be willing to donate would be highly appreciated!
Thank you all! -Smitho-
You can find much of your local information at the county courthouse. Check with the Department of Transportation to get traffic counts. Go to all the Zonning/annexation meetings you can. Check to see if your city/county has a "10 year plan" (long term plan for city/county growth.) Look for land on major traveled highways, Near major intersections. Land is a tricky investment, but it can have tremendous rewards. I have a client that bought some land 15 years ago for $18k and it sold for almost $1 million. How's the saying go "Lands getting expensive and they aren't making anymore of it" Good Luck!!!
[ Edited by JDC21 on Date 08/31/2003 ] [ Edited by JDC21 on Date 08/31/2003 ]
Great thank you that is a help!
The first purchase will be personal property and will be the longer term investment. (pay yourself first) to get out of this short term rental we wound up in so I did not have to "jump" into something when new to the area.
So I figure that would be a good way to get started and try to learn the ropes abit so if I goof up and make a bad decision I still have somewhere to live whilst I recoup
The properties I am looking at are being sold by investors, hopefully I can find someone who doesn't mind letting me asking questions along the way.
I bet the rural areas can be a bit of a gamble, but it is where I want to be long term and I'm ready to start learning the process.
Any comments on buying/selling in rural area as the first investment???
THank you -Smitho-