As a new investor looking for land in the 50k range should I stay away from property w/no road access? Sounds like a no brainer but land is so much cheaper and hard to ignore. I am also looking for do's and don'ts of land investment, STRs. I (like most everyone else) am looking for ways to invest for quick profit but am very inexperienced and would appreciate any info. I am not opposed to longer term investment if it's a better path...much to learn. Thank you.
How do you plan to make money from vacant land? I think you ought to look around a bit and compare how many people achieved wealth from vacant land versus rental property. It's not even a close call and there are reasons for that.
Regardless of your chosen path, you need to spend a lot of time on this platform and it's podcasts researching and learning before you move an inch.
@Dave G. Agreed that vacant land won't make money in short term. I am interested in STRs (maybe condo here on FL gulf coast or a long term rental or maybe a flip but with my lack of knowledge I have reservations. We have had good luck renting out a townhouse but am ready to sell and try flipping a house now for hopefully more profit than the rental.
I will heed your advice and research before jumping in though. By the way I used to live in the Glendale area of Phoenix...77th and Camelback Rd
I only buy land with no access on an option for $20 consideration. It sits for a LONG time. You are far better off trying to find better lots that you can afford, or partner on your first few deals.
@Dave G. I have rentals and I do vacant land. The returns are not even close. I buy lots for $1200 to $1600 and sell them in terms for $199 a mont for 5 to 7 years. I’ve never put a roof on vacant land. I’ve never had a water heater go out. I’ve never had to screen a tenant. If they stop paying, I repossess the land and resell it.
I agree with the approach regardless of your chosen asset class. Study, learn, find some mentors. But then take action. Don’t be one of these people who just listens to podcasts and waits for the “right thing” to smack you in the face. You can’t hit the ball if you don’t swing the bat.
@Joe Schmitt I've considered buying lots in new subdivisions but am unsure if it's a good idea as the prices are much higher. Maybe as it fills up the lots can sell for more? I've been looking for a few acres near areas of current development but they're hard to find...subdivisions are everywhere. Do you think that may be a safer path?
I’m a bigger fan of recreational acreage 2-4 hours from major metros. Infill lots are something of a gamble with a lot more moving parts for due diligence.