If you're looking to buy land for personal reasons or you are looking into investing in land, you MUST watch this video! These 10 tips come from the real world of real estate; can save you from making huge mistakes and can help you negotiate better deals with land sellers. Don't buy land until you learn what is shared in this training.
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About time Phil, we missed you. Love this new video, I’ve been wanting to buy land for so long but haven’t found anything as good as this online.
I watched about 6 videos before this one because I am considering buying some rural property. This was by far the best; with the most helpful information.
HEY DID YOU BUY THE LAND???
Did you get your land
@Real why you asking me like I know 🤷 tf!
@me myselfwhen you live in America, some of your dreams get instantly destroyed 💀🤣
How do I apply the 14 day fix where can I download the form
Existing easements can be a gotcha also. I was looking for land in Kentucky a while back and finally found something with some semi-flat area to work with to build on. Problem was the electric company had an easement and you couldn’t build within so many feet of the overhead lines that crossed the property. Managed to avoid that mess. Listening to this video, I feel like a did a good job avoiding the gotchas out there and there are a bunch.
I’m having a similar problem with AT&T, I can’t get information from them because I don’t have an address just a parcel pin.
Phil, what is the best way to invest with others? Is it to simply co-invest on properties and just get a split mortgages or to create a limited partnership?
Great stuff as always, Phil. Wish you had made this a few years ago before I purchased a subdivided lot in town. I could have negotiated a much better deal due to the zoning/variance issues it had. So I learned the hard way and later discovered the value of researching public records…
I literally went through every point of this video while I was in the process for buying a land lot. I’d add one other point; try not to rush the buying process! I went through two lots before I bought my land because of issues with zoning, terrain, wetlands, you name it! And once you find the area or county with laws and land your like, you still have to negotiate the price. Therefore, I recommend any buyer out there to give yourself more time to make the correct purchase for yourself.
great insight thank you
Thank you so much for the advice!
Okay, great points!
What states and areas did you find had the most freedom on the land?
@safffff1000 Look for counties that allow homesteading. In Colorado, these counties allow for camping and living on your land for an extended amount of time. BK
What happened to the days when you could largely live the life you see fit on your own land as long as you didn’t threaten public safety!? Wow, this was eye opening.
@Motorcitymadman No were not. Agenda 21 & ICLE changed America. There is no such thing as personal property rights. Add to the the final smothering layer of bureaucracy, the HOA and you basically live by government rules, not your own free will.
It remains the way you believe. Nothing has changed. The socialists in positions of government and key places in public were slowly conditioning the mind of Americans and now more quickly than ever to believe that things imagined are real. Start here; does the government have hands to grab and takeaway? Have you or anyone you know met the “USA government”? Why are people afraid of alphabets such as the IRS as though it can hurt a living man? It is men and women acting from the imagination of their minds committing these acts of crimes against other humans from behind the curtain like the wizard of oz. It is all in the mind; the conditioning of belief function of the mind. Now keep yourself out of the maze, that is the game.
@Queens Little Corner that’s because not many stand up to these criminals
Democrats happened.
Lol dude, mostly laws are just weird
Thank you so much for this video. I was going to buy two acres of land at a tax deed sale in Palm Bay Florida and came to realize that the land was all wetland property. You rock 👍👍
I really like your video and it is very informative, thank you.
But just as an aside, about the wetlands — I know the regulations are annoying, but I grew up and live around wetlands and they are a very valuable part of our ecosystem. They collect water runoff and serve as efficient filters for the groundwater system — and everyone loves clean water. The trees keep the air fresh and they’re home to many beautiful species of animals and birds — and the creek sees salmon on their journey to spawn. I have fond memories of hunting for frogs in the reeds as a little girl.
When my city restored the wetlands habitat, storm drainage improved and there was significantly less flooding over the streets. Traffic improved and property values increased.
/2cents
As an investor who owns a bunch of land I have to say this is one of the best videos I have ever watched on the topic. Excellent work.
Tips for negotiating land zoned for residential, has access to roadway and possibly in a flood zone?
Beware of the term “septic approved”, that could be years ago, and it has to be reapproved. In Some places septic tests are only done a few months of the year meaning your dream home just got 9 months added onto the construction time.
Also check easements and road planning. Road expansion can put you right next to the road instead of that beautiful front yard you in vision. A major electric ⚡️ line upgrade/expansion went through some side yards in our community killing the resale value. It happened about 2 years after they built. If they had checked the utility plans for the area they wouldn’t have bought the land and built custom homes as the expansion was planned and in process when they bought.
Also in Maryland, building within 1000 ft of water sets off environmental impact, upgraded septic (+10,000), and all kinds of restrictions. Even a dry creek can set off the restrictions. You can not cut a tree greater than 8”. So overly mature trees are now falling on homes and cars, cuz you can’t cut them down even for safety. My car was totaled and the neighbor down street lost his garage, 2 cars and 1/2 his house. The unintended consequences of a law can be devastating.
Maryland suck don’t vote Democrat
In Oregon there is septic approved but it may need to be a sand septic system or specialized system in the $20k range.
Hey Phil! I have to be at least tied for being your number one fan. I’ve employed many of your firm but necessary tactics in my personal life. Your energy is always palpable and I love the rags to riches story! Please never go away! I am gearing up to start with student housing. I do have a game plan, but thought I’d ask if you have any colleagues in the UK particularly Scotland, or just anybody you would recommend as a guru, as things are slightly different over here.
Either way, i jumped on this video like starved savage!
Great question. I do not have any recommendations for real estate experts to learn from across the pond.
Great video. In rural areas water wells are a big factor. Also soil peculation/type (for septic system). These two items should be on the list for land hunting outside of Florida.
Thanks a lot for the info in the video, man !! By the way, I am not from America but I am from a small town in the North Eastern part of India called Shillong where the Land Systems are different from the rest of mainland India ; In our place , we not only OWN the LAND but we also OWN anything that is in the LAND such as minerals like limestone, uranium,etc !!!
Phil thank you for the videos, I find them informative and entertaining. One more tip to consider is soil testing. I almost bought a lake lot, did a soil test just as part of due diligence as some lots by the water are just filled in, and found out that it was full of gasoline!. It so happens that that particular lot was part of a trailer park with a ramp for boats and must have had a gasoline refueling tank and it leaked. Everyone thought I was exaggerating by doing a soil test before buying… best $500 I ever spent
This was an incredibly informative educational video. Excellent examples of all 10 of those that you listed. Thanks for sharing!
That is a good list. The problem with wetlands is that you don’t know if you have them until a wetlands biologists checks your property out. Having an in depth understanding of what plants suggest a wetland can help quite a bit. In addition to wetlands, you should check to see if you have any environmentally critical areas on it i.e. Steep slope >40%, unstable slopes, etc
Amazing Video Phil!
Wetlands is something I learned new from your video today. Thank you!
1. Terrain (better to see it before buying)
2. Cleared vs. Tree’d (land with trees)
3. Wetlands (characteristic vegetation) check Inventory Mapper
4. Flood Zone – FEMA flood zone map
5. County maintained road access
6. Utilities – Electricity Water and Sewer
7. Cell Phone Service (Internet connection)
8. Neighbors
9. Endangered species
10. Zoning (is it Residential, Commercial, Industrial, Agriculture land).
Mineral rights? Perc tests
@me myself exactly. It could be the most important and Phil should have included with utilities #6. I have first hand experience. I have subdivided many lots and assisted my father as he was a developer. The investment in rural areas with no sewer is critical. Investors that have no experience need good info because 99% of Realtors have virtually limited knowledge of land and lots. Do your due diligence. Get factual info from the local county office. Don’t depend on verbal crap from anyone. Get the facts.
Soil scientist are a valuable resource and are an independent bunch much like surveyors however, they have critical info. Just because you have multiple acres doesn’t mean you can build on 1 acre or 10 acres. Many hazards since the environmental office ( usually a gumment entity ) have strict guidelines for how many ” bedrooms” house you can build.
Go get the variables in each county or state. The state usually dictates to the county the type of soil and other variables you have to comply with in order to build one or multiple homes. Get the facts, not here say .
@Mike Peek I have this book from the library called property laws for dummies. It is a great book but I have yet to read it. I think that is a great start because it opens a wide variety of almost any topic on purchasing land. There are percolation tests, mineral rights, some soil cannot handle basements, the land could already be owned by someone and being sold to another person without this knowledge, Simone could be a squatter on the land or using a piece of the land and after a certain amount of time has lapsed it is their claim to that land. There are many factors and if I have land I want to do my due diligence because on important thing I want is PEaCE and being undisturbed when people may find a convenient opportunity to do so. I really want to be a land owned
Phil, Tip 10.5 should be Restrictive Covenants.
Even if you are able to research and understand the zoning restrictions in place by the county or municipality, potential land buyers need to be aware that deeds can (and oftentimes do) have baked in restrictive covenants.
What is a restrictive covenant? To put it simply, it is anything that the developer who subdivided the land felt might damage the property value of the neighboring parcels. Even if it’s not a formal subdivision, there can be restrictions in place from when a land owner of a large tract of land broke off and sold smaller portion of their land to an outside buyer.
The biggest targets of restrictive covenants will be mobile homes, tents, campers, and any sort of dwelling that doesn’t fit the mold of what the prior land owner had in mind. However, they can be incredibly specific as well. I’m currently shopping a contract for a lot where the developer requires homes to have a minimum of 65% of their exterior building material as stone, brick or masonry. Even though the land would be perfectly suited for a log cabin, it would be impossible to build without risking a lawsuit. I’m sure that the restrictions only get more and more antagonizing as the subdivision gets pricier, nicer, and newer.
Interestingly, since the county and municipality aren’t setting these rules, the local government will have no qualms with issuing permits (that you of course paid for), only to have your neighbors file an injunction on your build site should the structure not conform to the specifications laid out in the deed. I live and work in Tennessee where the courts are not favorably disposed towards restrictive covenants, but it could take a mountain of legal fees to clarify or establish your right to build.
Overall, restrictive covenants are a landmine that can be very easy to overlook or underestimate.
Love your work Phil, have watched many of your videos 2-3 times. Keep sending us signal!
Thank you for this video. My level of ignorance is immeasurable. I thought the only thing to worry about was a clean title, zoning, and variances. I have listened to the video twice and am now ready to take notes. Your video is the classroom I need as an educational guide. There is not another video on YouTube that quickly, clearly, and concisely explains the basic precautions one needs to know before buying land. Thank you for sparing us the silly chatter as a video foreword. You have helped me think about how I need to think.