I recently bought this piece on a discount in a small beach town. I wanted to buy it as an investment asset and the easiest thing would be to resell it. Here’re a few more details:
- It’s not in the central part of the town but in the suburb area where people are actively building vacation homes, bungalows etc
-The area where it’s located is currently being developed including proper road, and communications
-The current state of the land is overgrown grass and bushes.
Here are my first steps:
- Obtain the documents - waiting for the proper legal body to issue my ownership documents
- The actual land size is 20k ft and I need to split it with the the wife of the previous owner ( will hire a lawyer)
- After I pass these legal hurdles I see a 2 options:
- Clean the land, make it presentable and sell it as a place to build a beach house ( land prices would be a few times higher than what I had bought it for so I can make a nice profit)
- Clean the land, add a small home and rent it out
I don’t really see other viable ideas but I’m happy to hear you out
Where is it?
Hold on to it, keep it managed, and sell it later. Maybe put a couple of air bnb cabins on there to pay for the upkeep.
If it’s being developed in the area, then there is a chance somebody may make you an incredible offer in the future.
Unless you really love the location, I’d sell it for retail value and reinvest in something that you’re more interested in.
What state?
Why are you buying it if you don’t know what to do with it?
I had some money I wanted to invest and I found a good opportunity. It’s not that I don’t know what to do with, I do have my ideas but I wanted to hear others who may have more experience with it
Any advive would be useless without knowing more details. Is your land in Cape Cod or on an active volcano?
Location as always makes a huge difference.
Where is it in Europe?
I’m not an entrepreneur myself but camper are a huge thing nowadays. I would consider to transform it in a camping spot for tents/campers. Must invest a little to have decent toilets, electricity (maybe put solar panels on your toilets) and clean water which if you are in Europe shouldn’t be that difficult to achieve. I give you a link for a video of a person who did it for a national park: https://youtu.be/1pgeUWAyUDE?si=-m3CC9kLwMlxGehJ
P. S. I’m not the author and I’m not promoting anything or anyone, it’s just that I think that this woman does great content. Hope you like it too :)
This should be in an REI sub, not entrepreneurship. This is an investment not a business unless you’re planning on making a business out of flipping land, in which case it’s still better suited for REI subs.
Don’t spend anything that doesn’t objectively increase its value. Make sure you CAN build a permanent structure on the lot before anything and have it surveyed, then you can start cleaning it out if you want to.
Sell crack
Son, if you can’t tell the difference between a foot and a square foot, boy, are they going to see you coming.
If there’s any surf there build a surf camp and make it a travel destination.