Newbie here: anyone have advice for investing in lots?

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Wanting to get into real estate investing and wondering about empty lots. The area where I live has 2 lots that are vacant. They are overgrown and not well advertised. i live within 10 minutes of a large plant that is opening 2 more facilities in the next 2 years. I have the cash to pay for the lots, and wondering if anyone has advice. I was thinking buy them, clear them, and post for sale by owner and see what happens. Worst case scenario build houses on the lots and sell the house? Any help is appreciated!

I would listen to this podcast. https://www.biggerpockets.com/renewsblog/2013/10/1... . Make sure you run the numbers for what new construction residences are going for, and subtract out construction costs, cost to install utilities, developer profit, etc, and you can get an idea of what a developer would pay for the lots. Double check the zoning to make sure you can really do what you want to do. I would find a good local real estate agent that can help make sure you get a fair price. Land has a lot of factors that can have a huge difference on the value.  

Building a new house can be quite a lot of work as a back up plan. If you can buy at a discount, it will give you a lot more options. You have a lot of options for selling the vacant land with seller financing as well.

Best of luck!