It’s the age old question. Should I invest in homes or vacant land? Some say it depends on what the person prefers. My answer is much different.
Transcript:
Hey, everybody! Casey Denman here with TaxSaleAcademy.com, answering your weekly question. This week’s question comes from Sandra in Orlando, Florida. It said, “Should I invest in vacant land or homes?”
Well, Sandra, first of all, thank you for your question. My answer here is it depends on the location. When you own homes or structures of any kind – we’re also including commercial buildings here, sheds or anything – for the most part, you also own responsibilities. If somebody walks into your structure and it collapses on top of them, it’s your responsibility. If Code Enforcement writes a ticket for a code violation, that’s your responsibility. There’s a lot of responsibility involved with owning structures here.
So, with that said, if it’s an area that I’m local to or that I am able to oversee the property to help minimize those risks and minimize my responsibilities, then certainly, it is an area that I am interested in investing in structures in. This includes areas that could possibly be local to you. You might have family there or you might have some sort of other contacts there. Inside the Tax Sale Academy, we teach developing contacts in areas that are distant from you that will help watch over your properties. These are people that are local to those certain areas. They’ll help watch over your properties to minimize your risk in those areas which would allow you to invest in structures even if you don’t live there or have any family members there.
With that said, if you don’t have these contacts in place, you might want to lean more towards vacant land. While there still are some responsibilities when it comes to owning vacant land – some counties, for instance, require you to mow your property. They have weed ordinances. But there’s certainly less responsibility to owning vacant land than there is to owning some sort of structure.
So Sandra, I hope this has helped answer your question. If you have a follow-up question or if anybody else has any other questions about tax sale investing in general, head on over to TaxSaleAcademy.com, submit your question, and it’s very likely I’ll do a video response just like this for you. Have a great day, folks. Bye-bye.