Rental Property Investor · Palm Bay, FL · Member since 2009 · 511 posts · 290 votes
It took time, but we did it! My partner and I (more my partner...) have spent some months learning about how to acquire vacant land for very cheap.
We followed the steps...looked up the records online, sent out postcards, captured leads, made offers, and out of about 150 letters & postcards sent out, we got one!
We did a title search, mailed the owners a warranty deed and $100 money order, had them sign the deed and notarize it, mail it back to us, and we registered it last Thursday!!!!
My first vacant land success story, I am so glad to share it! I hope this is the first of many to come!
There's nothing wrong with doing buy and hold with bare land. I've made a lot of money doing that.
My insurance company extends liability over from my personal residence. You don't need any insurance except for liability on bare land.
It's very cheap to have the liability extended.
In Florida, if the land isn't under swamp water, I would suspect that any lot for $100 would be a screaming deal.
No snow, but weeds wil have to be cut.
If I have bare land, and it is close enough to get to, I improve it to make it more attractive than neighboring lots. A couple of well-located pretty trees make a lot of difference when people are out looking to purchase a building site.
Menlo Park, CA · Member since 2010 · 13 posts · 1 vote
16y
That's a nice break through for your first buy. If you say the area is now being developed, then you have a very good opportunity to sell it a very good price. What kind of development are they doing there?
Rental Property Investor · Palm Bay, FL · Member since 2009 · 511 posts · 290 votes
16y
Diedre - I put the price on it myself. I researched the properties in my county that were going into tax deed sale and I sent a $100 offer to the owners of the properties. These owners responded, I paid them the $100 and paid the back taxes (which were very minimal).
Art - it's a residential development. It's obvious that a developer had gone in at one point to clear the land and pave the roads. I'm sure that when the market crashed so did the plans for that development.
Contractor · Miami, FL · Member since 2015 · 113 posts · 11 votes
11y
@Priscilla Z., cool. it sounds like u did good research abt the cities planns to expand. not like ... i can find u houses where the seller is asking $0!! i can go to the city and they told me $500 for a lot. if i wanted them i can probably talk the city into giving me the land. actually they wouldnt sell to me unless i own the property next door.
@Mark Updegraff, as far as UFO land, i know where to buy that. u just need to ask google. google "real estate on mars"
interesting forum, if u know something about development in an area then it seems worth it to buy land. i sent out a letter to someone that owned land, i wanted to buy his neighbors property and needed more land to do what i wanted to do
Excellent work. This is a little known niche that we have been involved in since the 1990s. It's a great way to get your feet wet in real estate and to accumulate serious investment capital for other types of real estate.
I'm really glad you posted this because no one believes me when I say we purchase many properties for a few hundred dollars every week.
Most people in real estate seem to think that you have to DO something to property to make it more valuable. I've always believed that buying it right and then selling it through a different channel is better and faster and cheaper than improving the asset.
Real Estate Entrepreneur · Mid West, East Coast · Member since 2015 · 3k+ posts · 1k+ votes
9y
Wow!!! 7 Year old posts still floating around out in BP land. @Seth Borman@Robin Boyer if you guys get any updates please post them here. Best of luck to the both of you.
Rental Property Investor · Palm Bay, FL · Member since 2009 · 511 posts · 290 votes
9y
@Seth Borman, @Robin Boyer - We still have it...the area is starting to grow again but I don't see us building on it any time soon. Taxes are very little and no maintenance....
Surveyor · Hemet, CA · Member since 2015 · 797 posts · 112 votes
9y
@Priscilla Z. just curious what the value of it is now after 7 years. Wonder what the growth is. A new investor here looking to jump into multiple family and single family in Southern California!