- GyungMember@gyungJoin Date: 2004Post Count: 2
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]Michael RMember@michael-rJoin Date: 2003Post Count: 302
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.