"Don't wait to by land, buy land and wait" -Will Rogers
Happy Friday peeps!!! Growing up playing little league baseball a teammate would sing "this Landis my land this Landis your land" to the tune of "This Land is your land, this land is my land" so I decided to take the ball and run with it. When we talk about investing in property, we aim to find opportunities to grow the investment through renting, rehabbing, or even considering a long term hold. This past January my brother Josh presented an offer to buy vacant land in the developing California City at a price we couldn't pass up! Here are my three tips to follow when buying vacant land that we hope you find useful!
Know the Zone
Understanding the zoning is extremely important when buying property because it will dictate the type of building that might be built. Whether this is zoned commercial for a convenience store or R2 for a residential unit, the zoning is important to know. Should we build a corner market? How about taking a mobile home and selling it with the land? Interested in partnering with us feel free to reach out!
Do the Dilligence
A second helpful tip is taking the time to investigate the area to determine the future value of the land. If you know what the city planning commission has in place for future development, it will be beneficial to know these details before putting together your plan.
There are several environmental studies to also perform that can tell you if the soil has been exposed to any pollutants. Additionally, a broker price opinion (BPO) can provide an independent cost evaluation based on related comparable properties.
Ensure you are Insured
Lastly, insurance on vacant land might seem unnecessary because you don't have to worry about a structure being damaged or a tree falling, however there is great value in the peace of mind. The main factor to consider is liability insurance when assuming the risk of taking ownership in the land. Let's say a person is crossing over the land and they trip and fall. Was it your responsibility to put up a fence to deter this behavior? I'm sure the list could go on but having insurance is the safety net that we all should invest in!
No Cash? No Problem!!
Want to own some land in California? Well we might just be looking for an "interesting" sale! Seller financing, cash or even trade - we enjoy helping and we want this land sold! If you have a red paperclip, we might just be interested!