Why I Went Full-Time Into Land Investing in 2020 After Buying 0 Multifamily in 2019

[Scott Morongell]

In 2019, I wrote about our intentional decision to buy zero multifamily units that year — despite being in seven best-and-final rounds and coming off a 650+ unit year in 2018.

We had boots on the ground, brokers on speed dial, and deals in front of us… but none checked all the boxes. So we passed. Not out of fear — out of discipline.

What came next probably wouldn’t surprise those close to me, but might for those who knew me only as “the multifamily guy.”

In 2020, I went full-time into land investing.

Here’s why I made the leap — and haven’t looked back:

1. Land Offered Speed & Simplicity

The multifamily deals we were underwriting were slow. Competitive. Heavy on legal, lender, and third-party friction. We’d spend 3-60 days deep-diving a deal… and still lose out to someone stretching their assumptions.

Meanwhile, I was flipping small infill lots with none of that overhead. No tenants. No trash-outs. No property management headaches. No capital calls. I could be in and out of a deal in 30–60 days with clean margins.

It felt like operating in a different gear — one that actually matched the hustle I wanted to bring.

2. I Controlled the Inventory

In land, you’re not waiting on brokers. You're not stuck analyzing overpriced LoopNet junk. You build your own pipeline. You pull data. You run direct mail. You talk to sellers directly.

That control was a game-changer.

I could pick a county, run the comps, send the mail, and get contracts in hand in a week or two. No gatekeepers. Just raw hustle and clear action steps. It aligned with the builder in me.

3. Margin Without Risking Other People’s Money

In multifamily, you're often deploying large amounts of investor capital. That carries weight — as it should. In land, I could start small, prove the model, and scale with my own cash before inviting others in.

I wasn't chasing a 2x equity multiple over five years. I was flipping for 30–100% ROI in under 90 days — without leverage, without construction risk, and without relying on market appreciation.

The math made sense. The execution was in my hands.

4. COVID Was a Wake-Up Call

When the pandemic hit, every apartment operator I knew was scrambling to adjust. Eviction moratoriums. Rent collections dropping. Lenders freezing up.

I was locking up dirt for $7-30k and flipping it for $30-180k to builders still trying to keep their pipeline full.

That was the moment it became crystal clear — I wasn’t pivoting to land as a side hustle. I was all in.

5. There’s Still Asymmetrical Opportunity

Multifamily has become efficient. Institutional money, data tools, and low cap rates have squeezed most of the alpha out of that space — unless you have scale.

Land? It’s still the Wild West in many ways. Motivated sellers with no clue what they own. Pricing inefficiencies. Creative exit strategies. Builders starving for lots. Owner finance terms on a napkin.

If you’re willing to work and learn, the upside is wide open.

Final Thoughts

My core values haven’t changed since writing that 2019 piece. I still care deeply about investor trust, underwriting discipline, and doing the right thing — even when it’s not sexy.

What’s changed is the vehicle.

Land gave me a business I could scale fast, with fewer moving parts, and far less downside. It gave me margin — in deals, in time, and in life.

For those thinking about pivoting, I’ll leave you with this:

I'll be back in multifamily and acquire again when the time is right... until then, it'll be all land.

Always happy to help out and lend a hand if you're interested in making the pivot yourself.

– Scott Morongell

[Scott Morongell]

@Edgar U. Yessir. Still full time