Purchasing Residential Lot and Land
I am considering purchasing small lots of land (under an area) in the state of Georgia to begin my real estate investing and build a portfolio. My question is once I buy the lots how will they help me long term in real estate? And should I purchase small lot or buy bigger land? Please help!
@Account Closed
Welcome to BP!!! So there are a lot of questions here with buying lots of land because initially they do not cashflow, which in my opinion is the most important factor when investing. Do you plan on developing or do you plan on wholesaling the land. Next is do you have the experience or do you know someone with the experience who you can partner with on the deal? What are your long term goals in real estate like a certain amount of assets or set amount of cashflow per month for retirement? In this area that you are wanting to purchase these lots, is there a lot of other development going on? Long story short, there are many niches within real estate and particularly buying lots, so it comes down to your goals and where you see yourself in real estate in the next 10, 20 or 30 years. Let me know if you have any other questions
@Curtis Rouse thank you for replying!
I wasn’t sure what I was really going to do with the lots maybe use them as collateral some some future investment? I wanted to know if buying would help me with wholesaling? To answer your next question no I do not have any experience or know anyone I can partner with to do a deal. My long term goals are to buy, rehab, and flip homes. I want to have rental properties as well. But most importantly I want to start with wholesaling first. I’m looking to get into wholesaling and to find the right information and partner to get started with!
Originally posted by @Account Closed:
@Curtis Rouse thank you for replying!
I wasn’t sure what I was really going to do with the lots maybe use them as collateral some some future investment? I wanted to know if buying would help me with wholesaling? To answer your next question no I do not have any experience or know anyone I can partner with to do a deal. My long term goals are to buy, rehab, and flip homes. I want to have rental properties as well. But most importantly I want to start with wholesaling first. I’m looking to get into wholesaling and to find the right information and partner to get started with!
Honestly, I wouldn't do this Lot/Land deal and purchase unless you already have a buyer lined up. Wholesaling this type of asset is typically a little tougher than your traditional SFR, unless you have a good buyers list ready to go looking for what you have. Also since you want to get into some rental properties and flips you will be able to cherry pick the better deals you find through wholesaling. There are many good members here on BP and I would also get involved with local reia/meetup to find like minded individuals as well. Feel free to message me with any other questions or if you need help with anything else!
Hello Curtis and anyone who can help.
Im looking for a land that can be developed into a parking lot, if you have any connections, please let me know.
Thanks