Land is an investment that you can use as both a place to live, as well as resell at a higher value. Land also offers many benefits including being relatively low cost and being in an illiquid market.
Land does not depreciate like other assets, and when other assets are hurt such as a recession, land has historically held up much better in terms of value when compared to other real estate assets.
Purchasing land allows you to use the property however you desire, whether renting it out or keeping it for your own use. There are so many uses for land, and you cannot create more of it.
If you are looking for a tangible, solid investment that can’t be damaged by war or natural disasters, and will likely appreciate annually, then buying land is the right move.
Buying Power Changing Sides
As we said, there are much less buyers lining up and bidding on properties to push the selling price above market value. Sellers are starting to feel this and will continue to feel this worse and worse going into 2023. As there is less demand for their property, the buying power will shift to the buyer’s side.
With fewer buyers, buyers can negotiate terms much more and get their new property at a much better discount compared to the premium they were paying before. When buying land in our business model, buying below market value is ESSENTIAL to run a profitable land investing business. This recession will greatly benefit our negotiation power as we may be the ONLY buyer able and willing to purchase the property in question.
Gone are the days when the seller could get upset about your offer and say they have 5 people willing to pay more. You are most likely the ONLY person they are talking to about purchasing their property depending on your location.
Educating Yourself To Take Advantage
The first step to getting started land investing in 2023 is educating yourself properly. This is not the time to be smacking your head against the wall, making mistakes, and taking your time. This is the time to get quality education and put your foot on the pedal to maximize your potential upside coming out of this recession and 2023.
Quality education consists of knowing where to source your leads, HOW to source your leads, effectively negotiate, pricing your offers correctly, and performing exceptional due diligence. Just as we have the ability to get properties cheaper, that means we should be focusing our capital on the very best deals, and avoiding the mediocre or bad deals. That is a skill that can be learned only through trial and error, or directly from someone who has already gone through that trial and error.
Before you jump in head first, find some high-quality education. There is very good youtube videos available, courses, blogs, etc. We also offer a FREE Land Investing Starter Pack you can check out if you are new!
Taking Your First Steps
Education is the first step, and it is essential but the second more important is actually taking ACTION. You can dive into books, courses, etc but nothing will matter if you do not take real action toward this goal of getting started in land investing.
Start to pull data, start to price your data, and start to send mail. You will not be able to avoid EVERY mistake or shortfall so the best cure for that is to learn while you act.
Find a county you like, price it, find its comparable data, and mail it. This first county will be the most important step as you will actually walk through the entire process and understand it on a much deeper level.
Find A Support Group
This process can take some questions and answers while you figure it out. The best option for this is to find an accountability partner, support group, or online community that can help you during this process.
You are the equal of the 5 people you are with the most. Put yourself around the right people, people with the same goal and you will see that goal realized as you all work together.
Support groups online are perfect because they have people in your same position, and more experienced people to help you hurdle any obstacles you may come across on your path to success.
How To Get Started Investing In Land In 2023
This is the time to act. To properly educate yourself. Take advantage of this potentially once-in-a-lifetime opportunity in front of you and find your potential freedom through the land.
If you want to learn more about land investing read some more of our blogs here.
Want to join our free online land community? Check that out here as well.
We wish you the best of luck in your land endeavors going forward into 2023.