Making money from home in real estate may sound intimidating, not to mention the experience and skill set required to make it work! Real estate investing online can maximize your potential return on investment. Traditionally, we go for investment properties nearby. Although it is convenient, that same convenience can be met remotely. Just because you do not physically see the investment property does not mean you cannot inspect the property. Well, you can hire an inspector for a decent price to help you make the decision of whether or not you want to buy the property.
Figuring out where to start when making money in virtual real estate investing can be tricky. With all these technological innovations constantly on the rise, it is becoming more and more efficient to work online. These days, using a laptop with an internet, or even your mere internet connected phone, you can bring cash to your wallet.
Yes, you can work remotely with the mere tapping of a keyboard. Let your fingertips save you the hassle of traveling and going to offices or to the location of your investment properties. Working from home is a growing trend nowadays because it is convenient and easy. The question is, which counties are best for finding land deals?
One of the first things you need to consider when deciding which county to pursue is the population and the proximity of the investment property to the nearest major metropolitan area. If you want to start as a vacation land investor, you can find more acquisition properties in counties with a rural environment.
You may use a little help from a reputable real estate agent who specializes in vacant lots and land who is familiar with local ordinances and zoning laws. Vacant lands have the potential to create outsized returns when held or improved.
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Buying land at the bottom of the market and selling in the recovery offer the best opportunity for high returns and lower carrying costs. Just take your time in obtaining more information about the investment property. A land purchase requires careful consideration and planning, so learn the ropes beforehand.
Compared to other real estate investments, vacant land is not limited and requires little maintenance. You can start with this investment with little cash and there are many ways to profit from a vacant land.
Buy low, sell high just like when you flip a home. Buying a vacant land is not a get rich quick scheme, but a solid investment for the right person when done properly.
One of the best kinds of people to target is absentee owners, which simply means someone who owns a property but doesn’t live there. The benefits of investing in land can be substantial but only if you play your cards right.
Factors to consider before investing in vacant land
Zoning classification. It tells you how the land can be used, such as commercial, residential, agricultural, industrial or mixed.
Locations and zoning. Zoning in important in determining usage restrictions.
Size and shape. Large pieces of land take longer to sell.
Infrastructure and access to utilities. This includes road access and availability of public utilities, such as water and electricity, sewer, gas, telephone, cable and internet.
Financial position. If you are looking to resell for a quick profit, you may find yourself incurring additional cost in surveyor fees, taxes and other charges.
Property history. Find out why it is selling at a lower price. It may be an old landfill that recently got cleared up but still have environmental contaminations.
Environmental issues. The land could be in a flood zone. Know what is beneath the soil.
How do you earn from it?
Holding land. You can invest and simply hold on to it. Once the land goes up in value, you can sell to a developer.
Renting it out. Turn it into a parking lot or farm.
Building. You can develop the land and sell it on a later date.
Before you actually purchase a piece of land, you have to decide what your goal is for the investment. The following may give you an idea
Buy and sell. This is basically flipping the land.
Buy and hold. Buy the land and hold onto it for a period of time.
Buy, develop and hold. Purchasing the land with the intention of developing the land yourself.
Buy, cultivate and hold. You may want to grow crops, use it for livestock or set up a tree farm.
Buy, go through the entitlement process and sell. Purchase a land and then go through the process of having the property zoned for a specific use. For example, rezoned it for residential use.
Buy, develop and sell. Buy the land and then developing it for the end user, such as constructing a home.
Buy, develop and rent. Develop the land so you can rent it to someone else.
Risks in buying an agricultural land
Not everyone can buy. Some states may restrict the ownership of land, such as being a farmer to own an agricultural land. May not be easy to convert an agricultural land into a residential one.