Investing in property is an extremetly new concept to me…for various reasons.
I put an option – $1000 – for a vacant land with a value of 45k – profit potential I’m assuming (note – absolute beginner), is next 5 years or more, ie to appreciate in value.
Before reading Steve’s first book I thought this might be some kind of a ‘start’, however, now I’m not so sure. Am I right in thinking that this may not be such a good idea?
Would appreciate your suggestions/advice.Thanks![ohno]
Why do “you” think the investment is not such a good idea?
If you can afford to pay for the land at settlement, and you conducted sufficient due diligence to determine if the land was a viable investment, then it could be “a good idea” .
Otherwise, you may have to forfeit $1000 – a small penalty for a mistake in this business. If this is the end result, put it down to a valuable learning experience.
— Michael
Depends on whether you adopt Steve proven investing strategy or your own individually tailored one. Yours may well work very well for you. Invest in what you understand (If anything) and you should be OK.
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