Topic: Buying land in California city  (Read 1123 times)

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Offline breakdirt916

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Buying land in California city
« on: 06/10/17 02:13PM »
Recreational marijuana growing authorized!

Any thoughts on buying a $3,500 plot of land?
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Offline slipgatecentral

Re: Buying land in California city
« Reply #1 on: 06/10/17 02:47PM »
Nvm I'm dumb
« Last Edit: 06/10/17 02:49PM by slipgatecentral »

Offline Rogue

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Re: Buying land in California city
« Reply #2 on: 06/10/17 06:08PM »
Don't.  LOL!

No seriously, if you had $3,500 to spend, buy a cheap pick up truck, or bike, or some company's stock.  Nobody wants to live there. 

Offline Rd Todd

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Re: Buying land in California city
« Reply #3 on: 06/10/17 07:09PM »
IM IN!!!!!!!!!!
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Offline breakdirt916

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Re: Buying land in California city
« Reply #4 on: 06/10/17 07:18PM »
live?!

who said anything about living there??

I had heard that land values are going up now that recreational marijuana got the green light to grow out there. I would be happy if a $3,500 plot of land turned into a $25,000 plot of land in a few years...

From what I've read, they can only grow it in certain industrial zoned areas. Companies already bought them for $100k/pop. I don't want those. But I imagine the amount of marijuana growing there will bring $$, jobs, and inflation to the area. It's just like saying, once they keep renovating downtown, my dumpy little duplex 3 blocks outside of downtown goes up in value  :29:

Already maxing out 401k, backdoor Roth IRA, HSA, company stock %-contribution, and once I got my 3rd property I maxed out my borrowing limit to invest in rentals. They are all slow, steady investments for the long run...was hoping to diversify a little more and make money a little quicker?!
« Last Edit: 06/10/17 07:20PM by breakdirt916 »
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Offline Rd Todd

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Re: Buying land in California city
« Reply #5 on: 06/10/17 07:36PM »
live?!

who said anything about living there??

I had heard that land values are going up now that recreational marijuana got the green light to grow out there. I would be happy if a $3,500 plot of land turned into a $25,000 plot of land in a few years...

From what I've read, they can only grow it in certain industrial zoned areas. Companies already bought them for $100k/pop. I don't want those. But I imagine the amount of marijuana growing there will bring $$, jobs, and inflation to the area. It's just like saying, once they keep renovating downtown, my dumpy little duplex 3 blocks outside of downtown goes up in value  :29:

Already maxing out 401k, backdoor Roth IRA, HSA, company stock %-contribution, and once I got my 3rd property I maxed out my borrowing limit to invest in rentals. They are all slow, steady investments for the long run...was hoping to diversify a little more and make money a little quicker?!
Buy the property Ill grow the weed and distribute it I know a guy....!
« Last Edit: 06/10/17 07:39PM by Rd Todd »
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Offline Throttle Chopper

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Re: Buying land in California city
« Reply #6 on: 06/13/17 05:54PM »
Real estate is a speculator's game and a long-term investment especially for raw land.  You're probably better off buying an older, limited production car (think 3rd gen RX-7 or a '93 Cobra R), enjoying it on weekends, and flipping it in a few years.
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Offline Cass-anova

Re: Buying land in California city
« Reply #7 on: 06/17/17 08:09AM »
Interesting idea, Bhavesh.

So it would seem if one bought land for cash, the only yearly expenses would be taxes (I assume around 1%?) and insurance (which I think you can just use your existing homeowners insurance to cover or extend?).

Are there any other possible liabilities to consider?

Also is it recommended to have some kind of inspection or survey done? I assume if there are houses nearby, then the land is already set up and zoned for future utility and sewer needs?

Offline Throttle Chopper

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Re: Buying land in California city
« Reply #8 on: 06/17/17 08:39AM »
Are there any other possible liabilities to consider?

Trespassers injuring themselves on your land, people dumping trash on an empty lot, homeless folks deciding to set up camp there, maintaining and clearing the land of brush and fire hazards to name a few... 
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Offline Cass-anova

Re: Buying land in California city
« Reply #9 on: 06/17/17 09:07AM »
Good points.

However, if say a 6-8k sq ft lot was purchased in a residential area with a few houses around, would the odds of homeless setting up camp be quite low (neighbors would probably call police to make them leave)?  Also wouldn't the fire risk be low as well since CA city is pretty much a desert (not chaparral)?

I figure odds of people hurting themselves on vacant land would be low, as well, but insurance would cover that if it happened.

In terms of trash, I supposed a quarterly trip up there to check and clean up anything could cover that. I suppose a fence could be built as well to help keep people and things out.

Please correct me if I'm wrong. Want to make sure everything possible is thought up and considered.

Offline thtanner

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Re: Buying land in California city
« Reply #10 on: 06/17/17 09:33AM »
Is there Internet in the area? Setup a cheaper Internet based DVR. Could probably spend under $400 if you get one of those cheaper kits. Good for keeping an eye, yet not exactly 1080p Ultra HD. There are some other options like some of the smart cameras.

Could also just invest in a standard security system and a landline. May be lower monthly fee than a self-made camera setup.

Or maybe an all-in-one solution like https://www.home8alarm.com/security/security

Offline H-2 Charlie

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Re: Buying land in California city
« Reply #11 on: 06/17/17 12:19PM »
Buy land across the street from golf courses in Palm Springs .
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Offline thtanner

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Re: Buying land in California city
« Reply #12 on: 06/17/17 02:26PM »
Buy land across the street from golf courses in Palm Springs .

HoAs are a nightmare in those communities. I deal with them @ work.

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Re: Buying land in California city
« Reply #13 on: 06/17/17 08:59PM »
Already maxing out 401k, backdoor Roth IRA, HSA, company stock %-contribution, and once I got my 3rd property I maxed out my borrowing limit to invest in rentals. They are all slow, steady investments for the long run...was hoping to diversify a little more and make money a little quicker?!

Damn high rollers  :32:

Offline breakdirt916

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Re: Buying land in California city
« Reply #14 on: 06/18/17 10:06PM »
^^^ nooo....more like small paychecks and living po'...I just auto-debit/defer as much into investments asap so they can grow. I found that the more I have in a paycheck that comes in my hands, the more I end up spending!

@casa-nova - TC is correct - it's all speculation investing. I looked at nearby desert towns and land with houses built on them are $150-$250 grand tops....so I imagine that empty plots of land don't have *that* much room to grow.

Going to quarterly isn't so bad for me...I'd spend the day dirt bike riding and camping anyhow...just makes my gas for the drive a tax write off. Maybe dirt bike maintenance costs to "survey" the land? LOL

I guess it's best put into a taxable trading account/index fund (read: 3 fund boglehead portfolio). It's pretty much zero hassle. I just have a goal - 3 million - then cash out on the 4% rule. Just seems to take a lifetime of working a W2 to get there...
« Last Edit: 06/18/17 10:15PM by breakdirt916 »
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Offline luciano136

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Re: Buying land in California city
« Reply #15 on: 06/19/17 10:21PM »

If I could stop spending money on toys, maybe I'd be able to invest some more too  ;D . Oh well, I'm having fun and I guess that's all that matters LOL

 

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