Buying up land in the major cities of Central Virginia.

[Jonathan Frith]

Would you invest in raw land in the city of Richmond, Petersburg, Hopewell, or any city in central Virginia right now?

I was looking at the pros and cons of buying land to hold on to and building properties on the land down the road.

I would like some input in buying raw land, either to build upon and rent out or to sell the land to potential investors down the road.

[Justin Pierce]

Land isn't typically a good investment just to sit on.  You have to pay taxes and possibly maintenance on the land while you hold it.  You also have to keep an eye on it to make sure someone doesn't establish an easement or right of way.  It usually takes a long time for the property to appreciate significantly.  So, unless you have some insider information on new zoning or development then I don't recommend it.

A better play is to buy an income producing property.  Buy a home or a commercial property that can be rented out.  Let the tenant pay your holding costs and provide you a return on your money while you wait for the market to pop.  The downside is you have to deal with tenants.