How can I buy a cheap piece of land to get started in investing? I would like to start investing in property. I don't have alot of money. What are the name of some taxsales, foreclosure sales, landsales or what is the name of the place in Illinois that I can go to to see properties that have tax liens on them? Is it the Cook County Treasurers Office? Can anyone or even some investors teach me the ropes or give me info on how to get started? Thank-you in advance for you guys help.
2006-07-22 06:41:32 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
To invest in land, you will need at least 45% down payment. Land is a huge risk for banks, you dont have anything but the land for collateral.
For Short sales, tax sales, forelosure, etc.... you will likley need all cash to purchase.
What is your plan for the vacant land? If you intend to build on it, construction costs are skyrocketing while housing is leveling off. I know a builder that has 3 home on a parcel he was able to subdivide, the subcontractors have placed mechanics leins because the original estimated materials cost more then they bid the job. He currently can not break even, so its likley the houses will go to the banks.
2006-07-22 08:09:11 · answer #1 · answered by Jacque w 3 · 0⤊ 0⤋
Undeveloped land is a high risk... try and look for land with an old home on it where utilities are already there. Getting utilities and construction permits in most areas could be expensive. Dont buy too far out in the middle of no where.... hard to get turn over. You want property you can improve cheaply and turnover for a profit... Keep doing that and hopefully you would do well. Warning: Even in real estate the risk of losing money is always present. I have made money and lost money in real estate investments--- But like the old saying goes: "if you havent lost investment money, you havent made money either."
2006-07-22 16:29:35 · answer #2 · answered by kalamity 3 · 0⤊ 0⤋
Also consider speaking with someone who handles such deals, a Realtor or someone.. someone you can trust, someone who will work for you.. but have that in writing! Some attorneys can be quite honest in these issues.. Perhaps even some banks..
Vacant land? Established propriety? .
2006-07-22 13:46:33 · answer #3 · answered by sassy 6 · 0⤊ 0⤋
search Boss26.com
Just found it today.
2006-07-22 13:45:57 · answer #4 · answered by Caesar 4 · 0⤊ 0⤋