For many people, land can be a wonderful way to diversify their portfolio. While it is often overlooked, land investment is a low cost and low maintenance way to start or add to your real estate investment portfolio. Learn more about land investing, and where to buy cheap land in our latest post!
You can look for a large parcel of land in a developing area. By subdividing and selling the lots individually, you will appeal to a much larger group of buyers, thus increasing the value of the land. You will need to do extensive market research so you divide the land in a way that provides you with the greatest profits. Make sure you check for any restrictions and zoning constraints before purchasing land in Metro Detroit.
Find A Wholesaler
By working with someone you can trust, someone who knows the “ins” and “outs” of Metro Detroit real estate, you will ultimately save yourself time and money. When you find a professional wholesaler, you are choosing to work with a professional who can find all the deals most people only dream about. We Buy Houses in Detroit can find the best Metro Detroit deals at the lowest prices.
If you are looking for a fast and straightforward way to purchase Metro Detroit land, an auction might be for you. It will eliminate the negotiation process and help you avoid a drawn-out sale. By viewing property at auction, you will be able to see many different parcels and get a good understanding of what people are valuing them at. You can learn a lot about the local demand by attending an auction in your area.
Rural land is often some of the cheapest you can buy. By purchasing off of the beaten path, you can find low-cost land, often from motivated sellers. If you have a vision for the property, buying in a rural area will allow you the peace, quiet and freedom to do as you wish. Depending on the area, you might need to facilitate basic infrastructure for the property. Rural land will often not be ready for utilities nor will it have easily accessible roads. Consider the development costs when choosing to by land in a rural area.
Scour Ebay and Craigslist
When it comes to finding the best deals, you will want to search high and low. Look to online sites such as Ebay, Craigslist, and Zillow. Many sites will allow you to set-up alerts to let you know about new properties listed for sale in your area. Search in newspapers and other forms of print advertising. Many of the best deals are never listed on the MLS.
Go Directly To The Source
Many investors will take a direct approach when they find a property they wish to own. They will drive lots or use mapping software to find parcels that might prove to be of value. By using the county appraisers website to find ownership information, they are able to track down contact information for landowners in the area. When taking a direct approach, you never want to come across as pushy or intrusive. Let the owner know of your interest, but give them some space while they consider selling.
Be Prepared for Competition
While competition for land is usually much less than with other investments, investors aren’t likely to miss out on a good deal. Do your homework on the land you are thinking about buying. Whether you go through a wholesaler, buy at auction, or on eBay, research the land thoroughly before making an offer.