Just because you see an old rough ground, don't think it's a bad deal. You may find "rough diamonds."
For example, let's say you are in an area with an average cost of $40,000.00. You see that the builder has passed an old rough place. In Georgia, we call it a dog [pronounced "Dawg"]. You estimate that if you spend $15,000.00, you can turn this rough place into a monument. I am talking about mopping garbage, removing garbage, building walls, etc. For your time and effort, you decide to pay $5,000.00 yourself [always raising your habit of paying time and effort]. When you subtract these figures from the average cost of $40,000.00, you get $20,000.00. As long as you can purchase the lot for $20,000.00 or less, you will receive a discount.
In this commitment, the real estate industry has already had wealth. Someone will buy something that someone wants for a song. They will improve the property and turn it into money that everyone will earn hard. Go to your own area to find those diamonds.
Along the same route, I have a student who needs a septic tank for an acre of land for $80,000. She spent $20,000 to run the sewer on the sewer and divide the plot into two acres of land. She sold the lots for $75,000 each. In less than 45 days, this can earn a profit of $50,000.
Orignal From: How to build your own home - Lesson 2 - Building Lots - Part 7 - A bad location might be a good deal
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