Savvy real estate investors who seek to diversify their portfolios understand the potential returns and the unlimited number of creative uses that land can offer. Often, these entrepreneurial investors combine other business interests with creating wealth through their real estate investments and develop a parcel of land to grow their business further.
Whatever your investment strategy may be, you should have a plan that you follow step by step before ever looking at any land to avoid making a mistake that could be financially devastating. Regrettably, history tends to repeat itself. Therefore, it’s wise to enter this venture with a keen awareness of land investor errors, learning from the errors of others instead of your own. So read on as we explore these four common mistakes to avoid when buying land in Rhode Island.
When buying land in Rhode Island, a common mistake is shopping without the available funds to purchase and develop the property or arranging to finance with a lender. This scenario can lead to an emotional letdown as you realize you’re looking at properties that are out of your price range. A great way to avoid such an experience is by starting your property search with highly seasoned local professional investors like those at I Buy Your House, who will help guide you to various financing options. In addition, a professional investor from I Buy Your House can help you examine your financial situation and understand the development costs. When you work with a professional investor from I Buy Your House, you’ll know how much you can afford to spend on the land, hold the property and still bring your plans for the parcel to fruition.
Not A Profitable Investment
Failing to select the right location that will return the highest profit on your investment dollar is one of the common mistakes to avoid when buying land in Rhode Island. However, a professional investor like those at I Buy Your House will help you understand the long-term value of the land and how its location affects your intended plans; for example, if you are building a manufacturing facility, is the location close to major thoroughfares.
Not A Fact-Based Decision
Even for highly experienced land sales and familiar with the market, buying land without first performing a feasibility study and then following up with a CAD or critical area designation study is an all too common mistake when buying land in Rhode Island. Regrettably, these owners will be sticking themselves with a piece of land that they will likely be unable to sell quickly and cannot develop. You can avoid this costly misstep by working with a professional investor experienced in land sales and development, who will help you perform due diligence and run the numbers like those at I Buy Your House.
Going It Alone
Failing to work with a network of the most highly regarded pros in the land industry to help bring your vision to light is one of the biggest mistakes to avoid when buying land in Rhode Island. Working with a professional investor like those at I Buy Your House can save you valuable time by zeroing in on the right property for your budget. In addition, we will save you money because at I Buy Your House, our professional investors never charge commissions. Helping investors like you earn the highest possible returns on your real estate investments is our motivation at I Buy Your House. And don’t forget to ask about our current inventory of the best investment land available in Rhode Island.
When you work with I Buy Your House, you work with a full-service team that moves swiftly to handle everything for our investors while explaining the process step by step; we make the land investment process easy. Call I Buy Your House at 401-240-1313.