Ready to learn how you can make money in Texas residential land? In this post, we’ll explore five proven ways to use real estate to increase your financial standing!
Owning residential land is one of the best ways to build wealth. There are a number of ways to use it to make money. Some are obvious, while others are a bit more out o the box. Keep reading to learn more about some of our favorite ways to make money in Texas real estate!
Buy and Hold
As an investor of Texas residential land, it’s always good to have a few properties in your portfolio that you are holding onto. Look for properties that are likely to appreciate in up and coming areas. Holding investments and cashing in on their appreciation over time is a great way to create a steady income, with a large reward when you decide to finally sell the property.
Buy and Divide
You can choose to buy a larger tract of land and subdivide it, selling each lot for an amount much higher than your original purchase price. It’s important to make sure this is feasible before you jump in and make the purchase! Know the zoning laws and local ordinances. Also, it’s important to ensure there will be a demand for the lots. Just because you can score a great deal doesn’t mean that people are going to want to buy the individual lots. Ensure there is an interest in building so that you will be able to make your money back more quickly.
Buy and Develop
Another option would be to purchase land and develop it yourself. Depending on the size and the zoning, you could build one building, or divide it up for multiple structures. Consider the options so you can use the property to it’s highest and best use! Doing something like this is typically best reserved for someone with a background in real estate or construction. You will want to have a clear understanding of the process and everything that goes into it.
Buy and Lease
Traditional investment buyers don’t always consider buying a large piece of land for leasing; however, they should be! As long as you have a clear understanding of whether the land can be leased to neighbors for parking and/or storage. If this land is heavily wooded, it can be leased to local hunters. If the land has high quality soil and water source, it can be easily leased to local farmers. You’ll want to look at the utilities and accessibility for the land fitting different clientele. You’ll also want to ensure you are leasing the space to qualified tenants who you believe will be in a lease for a long time in your location.
Buy Mobile Homes
Buying selling mobile homes and put them on your land can be a great way to get your feet wet in real estate investment. Units can usually be acquired at a relatively low cost and repairs made will often cost you much less. There are things to know about mobile homes such as specialized repairs and the demand in the area. With the rise of small living spaces, and the increased affordability due to lower rent and utility costs. In some cases, you are able to buy the land where the mobile home sits, but this all depends on where you choose to invest.
Are you looking for great residential land investment opportunities in Texas? Elegment Land can help you find the right properties in Texas no matter your budget.