Whitney Nicely's first piece of investment property was land. She bought land at a bank foreclosure auction for $1,200. This included tax, title, and fees.
When Whitney bought the land, she didn't even know where Decatur, Tennessee was. The land belonged to a subdivision development where a lady had bought it for $69,000, paid on it for 5 years, then let it go into foreclosure because it wasn't worth $69,000 at the time.
Whitney sent out yellow letters to the neighbors of the property. They were interested in her offer to buy their land from them, but they wanted what they paid for their parcels. She was willing to pay them the money she had paid for her piece at auction, so she turned them down.
Today, the land still sits empty because the development is progressing slowly. However, Whitney has a CHOICE about what she does with the land. She may be able to sell it in the future for $30,000 or so. She may build a house on it and sell that for $100,000. She's in no hurry. Property taxes are cheap and so are the HOA fees that keep it mowed.
Join Whitney today as she talks about the pros and the cons of using land to invest in real estate and the choice investing in land gives you.
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