There is probably no greater overlooked sector of real estate investing than investing in raw, vacant land. If you are investing in raw land, you should be aware of how to do so effectively. You should first be aware that the rules regulating raw land investing are different than the rules regulating a standard property acquisition.
Complications In Raw Land Acquisition
The procedures involving getting financing for raw land invest are much more complicated. They are so complicated, in fact, that you are best hiring a lawyer to help you navigate the complexities of the entire process.
There’s work that needs to be done before applying for a loan. Risk can be mitigated when you have an experienced attorney helping to advise and apply the current land laws to your property.
Tips to Acquiring Raw Land
Be sure to shop around for a loan before acquiring the raw land. Different lenders can offer different options to pay back the loan, as well as different interest rates.
If you’re financing the raw land acquisition through owner financing, then you would work directly with the owner to pay for the property. The terms for this circumstance should be clear and in writing.
You are much better off just waiting for them before starting anything on the project whatsoever. With the lawyer by your side, the first thing you should do is start shopping around for a potential loan. There are several different types of loans out there.
Consider them all with your Palm Springs real estate attorney. They will not only help you on every step of the process, but they will let you know your rights concerning everything involved.