Real estate has made up the majority of my investment portfolio for more than ten years, right about the time that I decided to take my finances into my own hands. I have flipped land, houses, I own rental properties, and I have spent countless hours coaching others and teaching others how they can do the same.
All this week on my blog I have been talking about how great real estate is, and this post will wrap up the consideration (for now). One more reason why I love real estate is its versatility.
When you purchase a piece of vacant land, you can choose between a number of options to make that land profitable. Depending on its location and zoning, you can lease the land out to farmers or campers, can rent it out for someone to park their mobile home, can grow crops on it and sell them at a market, can hunt on it yourself, can fish, can flip it… and the list goes on.
Real estate is versatile, which means that if one way of marketing the land doesn’t get the results you want then chances are a different tactic might.
Let me share an example of one of my students named Mike.
Mike purchased eight lots (each one measuring 1.1 acres) in northern Arizona. He had originally marketed the properties for hunters because there was a large wash towards the back of the property and the roads weren’t paved. A few folks were interested, but none followed through.
Then he had the idea to market the lands as a quiet place to get away from it all, perhaps for camping or for building a dream home, and within days a non-profit organization approached him and purchased the location. It turns out that the organization is looking for a place to build a halfway house, and the peaceful and remote location was perfect for their needs.
See what I mean? Versatile.
I hope that my posts this week have given you even more reasons to invest in real estate.