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Hi, I am not sure I am asking this in the right place. I am wanting to buy alittle bit of land online, some site like myeranch, radius, or ebay. I am not going to spend much, and I am assuming it is all going to be land without utilities. I am doing it as an investment, in the hope that I can flip it down the road. I also actually need a small plot of land for myself. Can anyone tell me what to look out for in this kind of venture?? I am not well off, but the prices seem so low, some of them, and some of the land looks really nice. Do I sound like the perfect sucker, or is this not such a bad idea? Others do it, so three figures isn't going to break me, and who knows, maybe I can flip it or use it one day. Input much appreciated.
luchia5
By 3 figures do you mean a few hundred?
Are you sure that is not just a bid on the down payment? That is how a lot of ebay listings are.
I can take a picture that would look great right now but when it starts raining again would all be underwater.
Tread carefully, if it sounds too good to be true it usually is.
Edit: I also checked myeranch.com. The $399 is not even a down payment it is closing costs for their documentation which would be high to start. If you were paying cash, closing costs would be $10 to record the deed and that is all for Florida where the lot I checked is. If you were financing you would of course have costs associated with that.
Also the pictures you mentioned say typical lot not actual lot. They don't have that many, why can't they put the actual picture up. Is something wrong with it?
Wow, there are so many variables to purchasing land. In many ways it can be more complicated than buying a house! It's also very easy to get ripped off, especially if you are unfamiliar with the local area.
If I have a 10 acre parcel of land for sale that's worth 20k and another one down the street for 2 million, I promise you it's because I know something about the differences that makes it worth that much. There is so much land that is unbuildable/unusable that you really have to understand that topography, local regulations, encumbrances, easements, etc. to protect yourself from making a very bad investment.
Hi, I am not sure I am asking this in the right place. I am wanting to buy alittle bit of land online, some site like myeranch, radius, or ebay. I am not going to spend much, and I am assuming it is all going to be land without utilities. I am doing it as an investment, in the hope that I can flip it down the road. I also actually need a small plot of land for myself. Can anyone tell me what to look out for in this kind of venture?? I am not well off, but the prices seem so low, some of them, and some of the land looks really nice. Do I sound like the perfect sucker, or is this not such a bad idea? Others do it, so three figures isn't going to break me, and who knows, maybe I can flip it or use it one day. Input much appreciated.
luchia5
I have a half acre in Sebring, FL - Golf course community, w/all underground
utilities, cleared and ready to build. I bought it online then went to look at it
and I was very happy. I bought it as as investment, so its also Forsale !!
Go for it !!! Good luck
Hi Mike Peterson,
I am looking on ebay. The pictures are of the actual land there. I haven't seen what you are speaking of, tho I don't doubt it. I have seen actual pics on myeranch. On the ebay pics I see the prices have been the actual price of the land in all cases I have investigated. These have generally been from a $1 to four figures in an auction. How would one discover if the land is unusable? Don't they have an obligation to tell you that? Is all land subject to property taxes, or just certain land in certain areas?
luchia
All Land is subject to takes, at least here in MD,DC, and VA. I've never heard of that being different elsewhere. Does anyone have different insight on that?
To Figure out if the land is usable, you need to do some reasearch at the local health department and courhouse. Developers spend big money of feasibility studies before they agree to purchase land usually. Common things to look for are:
Is there Road Access?
Accessible utilities?
If not, what are well/septic requirements?
What is the cost of getting utilities to the property?
Are there forest conservation easements?
Have the TDR's (developmental rights) been sold off?(this is the most common reason for land to go super cheap)
What is the topography? Is it useless due to marsh/swamp, cliffside, unmanageable terrain?
Is it within county zoning regulations? (a 1 acre parcel can't be developed if the minimum development size required is larger than that)
Has there been previous failed perc tests?
Is the surrounding area used as a dump or waste site? (possible water contamination issues making the land unfeasible)
I know there's more to consider, but that's a good starting point.
Hi Mike Peterson,
I am looking on ebay. The pictures are of the actual land there. I haven't seen what you are speaking of, tho I don't doubt it. I have seen actual pics on myeranch. On the ebay pics I see the prices have been the actual price of the land in all cases I have investigated. These have generally been from a $1 to four figures in an auction. How would one discover if the land is unusable? Don't they have an obligation to tell you that? Is all land subject to property taxes, or just certain land in certain areas?
luchia
You seem to want to disbelieve what I tell you but I have had too many people come to me wanting to sell their land that they got a great deal on.
I then do my research to find it is entirely in a flood zone with no access and it is in some protected species area that no one will ever be able to build on.
Ask yourself, if this land is worth anything why are they selling it for $1?
And they will be giving you deed to the land it will be up to you to find out if it is buildable.
Just about all land in Florida is subject to property tax. But if you have a piece of property that is worth $10 I wouldn't worry about the taxes on it.
You can't buy land for a dollar. An auction is something entirely different..it's a bidding process and there would be a minimum.
Is that where you are looking? Florida? Find a Florida Realtor® to assist you.
Can you purchase property online? Sure. Can it work out? Sure. Can it be a disaster? Sure. You need to make sure you will get clear title, number one and you need to make sure it's not 'locked' or as stated above under water or in a flood zone. You REALLY need to do your homework on the area you are looking to purchase in before you just jump in.
I have lots of experience in selling land sight unseen.
For some people my first thought is, Damn! I'm glad they called me first! These people are suckers! Someone would have takin' advantage of them quick!
Be careful, I don't recommend it ever! People don't know it when they call me and willing to do it, but I've probably just saved their butts! Some I will turn down doing it with as they don't know they are so wrong for the choice.
I would either do the deal with you or not depending on how savvy I think you really are.
dumbass? no, we're not doing it. You got it? ok.
Most people are hungry enough to just take you if you were dumb enough to do it. The 'ole myth of, buyer beware seems to hold true for some sellers. They think that is their "out" for being responsible to a buyer.
Listen to Palmcoasting and be careful! In fact, he's/she's due for a point.
Find a Real Live Broker that you can trust. Establish a rapore and have personal contact! Don't do the Online look at pix thing! Diaster! YIKES!
When people call me to say they want to buy lot such and such, I ask them why? They liked the pix. I ask what did they think they saw in the pix. Usually they describe it all wrong. I ask what they want and what is impt. to them, then we go from there. Honestly they are usually so far in left field from looking at pix they are clueless.
Goodluck!
ps, as a broker I see those buy it for One dollar deals. I don't spend the time to figure that one out. I just wonder, what the heck? then move on.
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Others do it, so three figures isn't going to break me, and who knows, maybe I can flip it or use it one day. Input much appreciated.
