I turned 18 quite a few months ago and recently I have tried deciding on what I should invest in. I thought of gold, stock market, mutual funds, savings bonds, savings account, and lastly real estate.
Guess what I picked? Yes, that's why I am on these real estate investing forums right now.
I found some parcels of land (most 1.5-2.5 acres) in Central Minnesota (where I live) it's in a little area of a nearby county. It's by where my grandparents live, where my folks plan on retiring, and it's only 25 miles away from the current town I live in (which is pretty big and has some nice stores like a Wal Mart supercenter.)
Anyway I went to the same area I have interest in buying land in. I found about 4 parcels of land in that area that were for sale.
I got more info + pictures on this property at the bottom of the post.
I also found another piece of property (the only one I have pictures of), the one that I originally went to look at. The realtor's site said it was "lakefront" when I got there I found a dried up pond that was maybe 2 feet deep at the most in the very center. The whole thing was just about dried up and it wasn't nearly big enough to be classified as a lake. It also has some horrible structures on it (an old trailer, a shop (?), and an outhouse/fishhouse type thing.)
It sits on 1.75 acres of land, they want nearly $15k for it, it has nice trees, but these horrible structures and the fact that they classify it as lakefront (dried-up-pondfront would be more like it) are the two worst selling points about the property.
Here are some pictures of it:
Granted, the buildings are horrible (sorry for no pictures of the waterless pond they call a lake, it was so pathetic I didn't think it was picture-worthy.)
I'm just wondering if I should make an offer (maybe $11k at the MOST) on this lot of land? I'm sure I could let the local fire department come and use the buildings as practice-drills and they could just set them on fire. Believe me, the trailer and the shack are unrepairable they look much worse in person.
Is $11k okay or not? I know I won't be giving them the $15k they are asking for it, not with all the junk on the property. It's also right across the street from a 'mountain man' that has a ton of junk in his yard. This place is practically out in the boonies (still has electricity though.)
BTW, tomorrow I am calling about the other properties mentioned in my bulleted list. If they are for 'alright prices' ($20k or under) I'll go take a look at them again and maybe meet up with the owner/realtor and take some pictures of them.
I just wanted to tell you that I think it is great that you doing this at such a young age. You sound very mature for your age. Best of luck to you!
Dang, I nearly forgot about this thread! Thank you for the commendment, Shep! I actually ended up buying 2 acres on a small lake for $19,500 (NOT the same lots as in the first post.)
There are all some links to pictures on Flickr that I took of the property I bought:
I really like the land (probably why I bought it, :lol:.) I'm in the process of putting a driveway on it and cleaning up all of the dead trees and branches that scatter the ground.
Wow, that is some awesome property! I love it! Good job!
Keep us posted!
Nice place. What do you plan on doing with it?
Originally posted by "andrgo":
The realtor's site said it was "lakefront" when I got there I found a dried up pond that was maybe 2 feet deep at the most in the very center.
Reminds me of a property my dad once saw advertised as "overlooking the Gulf." (It was next to a Gulf gas station).