Nov 09
20
How can I buy a cheap piece of land to get started in investing?
Posted by taxliensHow can I buy a cheap piece of land to get started in investing? I would like to start investing in property. I don’t have alot of money. What are the name of some taxsales, foreclosure sales, landsales or what is the name of the place in Illinois that I can go to to see properties that have tax liens on them? Is it the Cook County Treasurers Office? Can anyone or even some investors teach me the ropes or give me info on how to get started? Thank-you in advance for you guys help.
To invest in land, you will need at least 45% down payment. Land is a huge risk for banks, you dont have anything but the land for collateral.
For Short sales, tax sales, forelosure, etc…. you will likley need all cash to purchase.
What is your plan for the vacant land? If you intend to build on it, construction costs are skyrocketing while housing is leveling off. I know a builder that has 3 home on a parcel he was able to subdivide, the subcontractors have placed mechanics leins because the original estimated materials cost more then they bid the job. He currently can not break even, so its likley the houses will go to the banks.