But did you know it’s possible for you to do something similar with vacant lots and acreage?
In fact,in some parts of the countryyou can start flipping land with as little as $1,000.
The strategy Im about to explain is one Ive used several times over the years.
It was on a quiet dirt road a mile off the highway.
(Lesson: it cant hurt to make a low offer).
I cleaned the property and outlined a possible driveway by laying out some dead trees.
I spent about four hours preparing the property for sale.
Two weeks later, I sold the property, closing the deal in a restaurant.
The buyer paid full price.
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The buyer also paid 11% interest on the monthly payments.
It wasnt the last deal I did.
It also helps to make it clear where the property lines are, another thing most sellers dont do.
But the most crucial step if you want to sell for more than you paid is tooffer easy financing.
In my first deal, the buyers said the property was overpriced and the interest rate too high.
Then they closed the deal anyhow, at full price.
They liked the parcel and could afford the $250 down payment and $100 monthly payments.
In other words, they probably didnt have a lot of other options.
Now the land might be worth $20,000, so I imagine theyre happy with their investment.
There are also many places you could search online for cheap acreage and building lots.
Sort the results to list the cheapest ones first.
One of the results on the first page was 5 acres for $1,800.
Of course its easiest to invest near home, so start looking around town.
And check free advertising websites likeCraigslist.
Fortunately, property taxes (your only expense) are minimal on raw land.
Look for freeland contract formsonline.
You could also sell with transfer of title and put a mortgage on the property.
You should be aiming to make a decent total returnafterall expenses.
For example, suppose you see a lot advertised for $5,000.
The buyer pays off the $6,400 balance in three years.
If you invest only a few dozen hours, this could be a worthwhile deal.
On really cheap land you have to give a shot to at least double your purchase price when selling.
You probably dont want to bother for much less than that.
Read abouthow to draw up a purchase agreement and close a land contractonline.
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