What can be done with vacant land??

General Real Estate Investing
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What can be done with vacant land??

Drew Bell
Coral Springs, FL · Member since 2016 · 24 posts · 7 votes

A friend of mine is receiving a few acres of land from family... What can he do with vacant land? I know its all about location... but they're in the middle of no where lol

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
9y

building lots no matter were they are at have a few strategies

1. in a fairly desirable area hedge against inflation  tax's usually pretty low not a worry.

2. sell on contract to someone who wants to eventually build on it... get monthly cash flow and usually a little premium in pricing.

3. sell for cash reinvest.

If we are talking about Florida land or lots say in a place like Lehigh acres and an area with no city sewer there are little thousands upon thousands of those lots sitting vacant they are traded at tax sales and by some who buy and resell for installment sale to those who think they want to retire there.. its the land game

watch the movie Glenn Gary Glenn Ross you will get the idea..  classic movie and VERY TRUE... I grew up in a land family and its accurate as heck.

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  • Andrew Glenn
    Temple, TX · Member since 2016 · 43 posts · 11 votes
    9y
    If it’s farmable, see if they can negotiate a crop lease with a local farmer.
    1Reply
  • Thomas S.
    Member since 2016 · 13k+ posts · 12k+ votes
    9y

    The best thing you can do with vacant land is to sell it as is before you have to start paying taxes on it.

    IN the middle of no where it will never increase in value.

    0Reply
  • Drew Bell
    OP
    Coral Springs, FL · Member since 2016 · 24 posts · 7 votes
    9y

    @Andrew Glenn @Thomas S. They are actually land lots for homes. So no farming can be done unfortunately

    0Reply
  • Bobby Montagne
    Fairfax, VA · Member since 2016 · 164 posts · 54 votes
    9y

    Hi Drew, when you say the middle of no where - how middle of no where is it? How far is the closest store/town/city/etc.? 

    0Reply
  • Account Closed
    Investor · Denver, CO · Member since 2016 · 736 posts · 582 votes
    9y

    Flip it.  Seriously - land sits.  If it's in a growing area where it makes sense to build on it, then build on it...in my experience these areas are few and far between.  If it's a building lot then sell it as a building lot to turn a profit and cash out.  Expect it to be for sale for many months.

    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    9y

    building lots no matter were they are at have a few strategies

    1. in a fairly desirable area hedge against inflation  tax's usually pretty low not a worry.

    2. sell on contract to someone who wants to eventually build on it... get monthly cash flow and usually a little premium in pricing.

    3. sell for cash reinvest.

    If we are talking about Florida land or lots say in a place like Lehigh acres and an area with no city sewer there are little thousands upon thousands of those lots sitting vacant they are traded at tax sales and by some who buy and resell for installment sale to those who think they want to retire there.. its the land game

    watch the movie Glenn Gary Glenn Ross you will get the idea..  classic movie and VERY TRUE... I grew up in a land family and its accurate as heck.

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    3Reply
  • Ray Johnson
    Irvine, CA · Member since 2016 · 545 posts · 614 votes
    9y
    @Drew Bell @Jay Hinrichs Touched on a topic that will determine how flexible your strategy can be, If there are utilities in place like sewer, electrical, and paved main roads. If you have any or all of the aforementioned items already in place, you're in a better position than most of the guys holding true raw land.
    0Reply
  • Vince Mayer
    Wholesaler · Arnold, MO · Member since 2013 · 348 posts · 183 votes
    9y

    @Jay Hinrichs

    Steak knives Jay!

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    9y

    @Vince Mayer  now a days its a free I pod or I pad to go to Guru feeder events..

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    0Reply
  • Crystal H.
    Flipper/Rehabber · IA · Member since 2015 · 157 posts · 35 votes
    8y

    Put a cell tower on it. Make some income from it.

    0Reply
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