Okay, so you want to make money with real estate. But you just don’t have enough credit or cash to buy and flip or hold and rent houses. There is, however, another viable option with land for sale in Chicago.
Have you considered flipping land? You really can get started with as little as $1,000 if you shop wisely and look in the right places for smaller parcels of land. The trick, though, is figuring out where to find the big opportunities
When searching for land for sale in Chicago, both cheap acreage and building lots, you can sometimes find some gems at these sites – if you use the right search criteria.
Realtor.com – Although this site’s main emphasis is home buyers, you can still find land-for-sale opportunities. You just need to use zero bedrooms and bathrooms in the search criteria, and in the “Sort” field, click “Price: Low to High.”
Landwatch.com – You can use this site to search for cheap properties nationwide. Enter the maximum you want to pay, and click “United States” under “Narrow by Country.”
LandandFarm.com – This site allows you to search by state, so it might be a good resource for finding land for sale in Chicago. Just be sure to enter the maximum price when you do a search.
Another effective tactic for buying land you’re interested in is to contact the landowners directly. Even if the land isn’t currently listed for sale, making an offer just may make a purchase opportunity materialize.This tactic does, however, often take a good measure of patience and more than a little persuasion. Still, it can be a good way to pick up large parcels of land at a good price.
While many people are hesitant to do business with the government, the upside is that the land won’t have any liens against it, and there won’t be any hidden issues you find out about only later. You might check out GovSales.gov to investigate the following two options.
Surplus Sales – The government owns quite a bit of surplus land that it is willing to sell at fairly reasonable prices. The only drawback is that some of the properties come with restrictions, for example, land near national forests and forfeited land.
Auctions – The government (as well private landowners) often has property that goes to auction. Generally, this happens because a private owner simply doesn’t know what price he should ask or because the government has repossessed private land and is now selling it off.
In some areas, cities are trying extreme and desperate measures to attract new residents. One of these measures is land giveaways, with the goal of boosting both the local population and economy. Increasing numbers of smaller towns are using these free-land programs, and all you have to pay are the closing and administrative costs. So this can be a great way to get a large plot of land cheap.
Here’s a real example: in a specific, small Minnesota town, if you have an annual household income of $74,200, you can qualify for free land. And you will pay only $1,000 to cover the closing and administrative costs.
What makes this even better is that most people don’t know about these programs, so there isn’t really much competition for the available land.
If you’re looking for land for sale in Chicago, the big opportunities are out there. It just takes some research and some digging.