All Forum Posts by: Joe Schmitt

@Dave G. I have rentals and I do vacant land. The returns are not even close. I buy lots for $1200 to $1600 and sell them in terms for $199 a mont for 5 to 7 years. I’ve never put a roof on vacant land. I’ve never had a water heater go out. I’ve never had to screen a tenant. If they stop paying, I repossess the land and resell it.

I agree with the approach regardless of your chosen asset class. Study, learn, find some mentors. But then take action. Don’t be one of these people who just listens to podcasts and waits for the “right thing” to smack you in the face. You can’t hit the ball if you don’t swing the bat.

@Tom Bunton

I only buy land with no access on an option for $20 consideration. It sits for a LONG time. You are far better off trying to find better lots that you can afford, or partner on your first few deals.

@Zachary Prince

I suggest finding a good course and connecting to a land investing community. There are 4-5 good options out there.

Most land investors do self closing for some of their deals and sell their own lots without realtors.

@Zack Guida

I would sell the lots with owner financing as a DIY mobile home lot.

Most people will buy the lots and never go there. Way easier than trying to develop the land yourself. You get steady cashflow without the work.

I do this with individual lots all the time.

@Chris Bodelle

Be careful with text blasting. There are lots of FCC regulations about who you can text and the relationship you need to have with them.

Best option is direct mail and a blind offer.

@DeAnthony Barrett

Find a land-specific program that resonates with you. I happen to think that there are more opportunities with larger recreational acreage than smaller infill lots. In this situations, I think it’s more important to know your end buyer first (builders and developers) and know their acquisition criteria. Then it’s all pricing and mailing.

@Patrick Froehlich

In ten years you will be in your mid 50’s. You can either have ten years of real estate experience by that point, or not. Ten years is coming either way. The choice is up to you.

@Adam Eckhoff

#3 buy vacant land, but just flip it or sell it in terms.

Rentals are a long game and BRRR takes a LOT of skill. It's anything about passive.

@Jason Hammond

If this is an infill lot, you should have it under contract for ~10% of the retail price of new construction homes in the immediate vicinity. I would pull biking permits from the county to see who the major builders are, or get in touch with some decent buyers to see who their builder was.

You may have a hard time getting a broker to list this lot for you if you just have it under contract. Flat fee listing on the MLS, Zillow, Craigslist, and Facebook Marketplace are good places to list. Make sure you price it aggressively and have a decent spread.

@Gary Laws

Call county zoning and planning.