We’ve all been there at one point or another.
We pass by some vacant parcel of land for months, maybe even years. We say to ourselves “man, I’d absolutely love to build on that property some day. It’s so underutilized.”
This hypothetical building could be a house, multifamily community, retail center, office space…it could be anything. But we know in our gut what it should be and what the market would love to see built there. Today, however, it’s only vacant land.
On the surface (no pun intended), land is simple and straightforward. It just sits there, doesn’t need much upkeep, and typically commands small tax bills and minimal holding costs. The challenges with vacant land lie in uncovering the reasons why a specific property is vacant in the first place. The reasons could be many and, unfortunately, they aren’t always easy to figure out.
Rest assured though because there are some strategies and techniques you can deploy quickly and cheaply that will do much of the initial heavy lifting for you. If you’re looking at vacant land and want to get your due diligence underway, give these three strategies a go…