It’s become a cliché, but it really applies to land investing. Invest in what you know or buy in your backyard. Basically, if you live in Texas don’t start your first land purchase in California. Look first in your own neighborhood. You know the busy streets and the good corners. You intuitively know the path of growth. Relationships are already in place even if you aren’t aware of them as inevitably you’ll discover a friend of a friend whom can help you with your land goals. You won’t have to travel 3 hours to go to a planning and zoning meeting. You’ll know the key real estate attorneys and title companies to work with in your area and if you don’t your friends most likely will have an excellent referral for you. The benefits of investing in your own neighborhood despite better investing conditions in other areas out weigh any other negatives. I read online about how there are great buys in Florida & Nevada for housing, but I know my local market so much better. Why get sidetracked and compete with the local experts? Warren Buffet famously never invests in technology companies simply because he doesn’t understand them. He’s best friends with Bill Gates, but has never put a dime into Microsoft. This type of self-discipline with investing strategy should be applied to your land investing. You are the local expert in your area even if you don’t realize it.
