I am trying to figure out how many people are interested in investing in land. The problem I’m seeing is that people want to get rich quick by flipping houses and assigning contracts, etc, but where are the people who want to sit on their investments for at least 18 months before cashing out? How can I find people who want land?
First 18Months is not “long term”, 10 Years is considered long term. Plus land is bought on pure speculation and is not considered investing anyways.
Thanks. So I guess my new question is where can I find speculators? Is there anyone out there who would invest in land based on speculation? I am trying to get a good idea of what it is people are looking to invest in as far as real estate. All comments are appreciated.
Right now I am sitting back and watching the carnage. Right now an idiot flipper is trying to unload a 600K fixer upper. He bought it for 530K at a sheriff’s auction, he has it on the market for $595K, than a drop at 585K, the RE market is soft at best and the property needs a ton of work. It’s a big house, plus the rise in costs of construction materials is going to make that home into an expensive project. So I can see why he is trying to dump it. I was going to call my agent up and have him offer 250K on it, but I want him to sweat first. BTW the property taxes on that turd is 9K a year, and he has owned it for one year now. I estimate the fixed up value on that home will be 500K by end of this year.
This is just an example of foolish speculation. At least with land the property taxes are usually a lot less. The best time to speculate on land is after the crash, not before or during it, so do your research and buy as cheaply as possible.