How to make money buying "unwanted" land and property seems like a challenge. But making money purchasing real estate is actually a lot easier than you may think - it just takes a little bit of research, studying up and time. Fresh off making good money from a successful real estate sale, I found a prime piece of land and actually made ~$200k in 4 days by taking some simple steps.
In this video we walk through the details of my land deal that made me an easy $200k and the steps I take finding unwanted land.
STEP #1: Outsourcing Real estate agents are free to you if you are a buyer. I work with close to a dozen different agents to search for the perfect piece of property for me. But be careful when working with agents.
STEP #2: Identify Work You Want To Specialize In You cannot be the jack of all trades when it comes to real estate (not a profitable one). Are you specializing in electrical work, plumbing, carpentry, foundation work, framing or land issues? Pick your niche and stick to it.
STEP #1A: FUNDING Don't make the same mistake I made and not get your funding in order before searching. I lost some great deals because I didn't have my funding/cash secure before searching. I learned my lesson and always have money ready even when I'm not searching. At any moment I have $500k+ ready to buy property. I learned a bitter lesson in my 20s.
STEP 3: BE SPECIFIC WITH THE SCOPE Know what, where and who you're looking for. The more specific the better. You don't (can't afford) to be broad here.
STEP 4: COMPARABLES AND CALCULATE Once agents, or you, find a potential investment you have to immediately do a 2 minute comparable search and quick calculations to see what your profit margins and risk will be.
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