How do I buy land

Toggle sidebar Toggle sidebar
Mxster

Mxster

Member
Mar 25, 2012
87
0
0
Hi guys. I would like to buy some land. Not just any land, it has to be within 20 miles distance of a big city, and it has to be CHEAP, not a flip. Soo... when buying land, is there a land market, but for land instead of houses? How does one go about buying a piece of land? Any good literature on this?
 
BurnItDwn

BurnItDwn

Lifer
Oct 10, 1999
26,353
1,862
126
land should have MLS listings I'd think, similar to houses ... just uncheck "houses" and instead check the box for "land"

realtor.com might be a good place to start ...
Or drive around if you have specific areas in mind and look for "for sale" signs on vacant lots.
 
Mxster

Mxster

Member
Mar 25, 2012
87
0
0
BurnItDwn said:
land should have MLS listings I'd think, similar to houses ... just uncheck "houses" and instead check the box for "land"

realtor.com might be a good place to start ...
Or drive around if you have specific areas in mind and look for "for sale" signs on vacant lots.
Click to expand...

Alright, thank you!
 
kranky

kranky

Elite Member
Oct 9, 1999
21,019
156
106
I would just question how it makes sense to buy land "anywhere". If you don't know anything about the area, how would you determine if the price is fair, if the land has any potential, etc.? You can't simply take someone's word for it.
 
jupiter57

jupiter57

Diamond Member
Nov 18, 2001
4,600
3
71
First step: Graduate High School
2: Get a job
3: Save money for down payment
4: Come back here in 10 years and ask a reasonable question
:rolleyes:
 
P

Pardus

Diamond Member
Jun 29, 2000
8,197
21
81
You can buy dozens of $1.00 homes in Detriot, level them and have all the land you ever wanted.

Link


15922 Muirland Detroit, MI 48238
l526f7443-m0x.jpg
 
Mxster

Mxster

Member
Mar 25, 2012
87
0
0
kranky said:
I would just question how it makes sense to buy land "anywhere". If you don't know anything about the area, how would you determine if the price is fair, if the land has any potential, etc.? You can't simply take someone's word for it.
Click to expand...

Hi Kranky,

Idk how to answer your questions, but my criteria is: close to a city big enough for a Wal-Mart, and having access to a road (a huge mistake is landlocked), and potable water.

If I can find a land that meets those criteria at a good price (relative to similar sites ) then I will spring for it. It doesn't necessarily have to have "potential." I'm not looking to flip it or anything. But if it's a good price, at least I won't lose money should I decide to move, you know.

To the other posters, I actually like the Detroit idea. Thanks.
 
ImpulsE69

ImpulsE69

Lifer
Jan 8, 2010
14,946
1,077
126
There are a few things to consider here:

1. House?

2. No House?

3. Utilities?

You need pretty good credit to get a loan for land, even more so than a house. Buying just "land" requires you either pay for it in cash, or pay 30%-35% down payment for any loan you are going to get against it. Banks are shaky about giving loans for land w/o a house on it because according to them it's too easy to walk away from it if you can't pay. If it has utilities on it already (water, electric, sewer) this adds to the perceived value of the land, but it doesn't make getting the loan any easier.
 
Last edited:
Bignate603

Bignate603

Lifer
Sep 5, 2000
13,897
1
0
Mxster said:
Hi guys. I would like to buy some land. Not just any land, it has to be within 20 miles distance of a big city, and it has to be CHEAP, not a flip. Soo... when buying land, is there a land market, but for land instead of houses? How does one go about buying a piece of land? Any good literature on this?
Click to expand...

If the land is close to a city and is desirable at all it won't be cheap. If it's really cheap there's something wrong.
 
You must log in or register to reply here.

TRENDING THREADS

COMPANY
RESOURCES
FOLLOW
Top Bottom