DO NOT BUY LAND right now unless you are an expert. I’ve seen experienced developers lose tons of money on land purchases as a result of not completely understanding what they were doing.

Unlike a property with an existing structure, land is all about potential. It is the most speculative type of real estate there is and it is the most difficult type of property to become well informed on. Land development can be very profitable under the right circumstances, but the reason for that is because it is so risky.