I grew up hearing this expression all the time, “If it sounds too good to be true then it probably is…” We all know what it feels like to get ripped off either by over-paying for something or under-paying and it doesn’t work. This fear serves us well. However, in the land business you have to be especially careful of “deals.” Doing your homework is the only way you’re going to know if it’s a deal or a problem. Almost daily, someone sees some of the inexpensive land I’m selling online and wants to know the catch. Usually, the only catch is I bought it right and I’m quickly flipping for a quick wholesale gain. Sometimes, it’s just simply supply demand where there is just so much rural land you have to price competitively. I think you should always be more cautious and less trusting online and ask the seller a ton of questions prior to any acquisition. It’s the only way you’ll be more certain that your deal is really a deal and not some scam. The good news is, with Facebook and Twitter the days of a land seller taking advantage of people with shady transactions are numbered. It’s just too easy now to have your reputation destroyed over night by one bad deal to one customer. The old adage of buyer beware is here to stay, but suddenly the tables are turning…
Avoiding buyer’s remorse:
Nevertheless, once you determine you’re getting a great “buy” make sure you are clear on why you’re investing in the property prior to your investment. If your main intention is to one day retire on the property and build be certain you have talked to the local Planning & Zoning board and discuss your plans. Maybe what you want to do is not allowed. If you want to raise horses or goats same thing. If you’re just buying as your legacy to your family one day then obviously the research doesn’t need to be as exhaustive. Just make sure that all of your questions have been answered sufficiently before pulling the trigger on your land purchase.
If you have a land buying story you want to share with me feel free to do so in the comments or by sending me a message.
