That is an interesting way to put it – that there are more people telling others not to do it than people saying to give it a shot. And likely the people saying “don’t do it” have never done it or tried it.
It definitely isn’t for everybody and it requires, above all things, patience.
Also, you have to be able to see things both from a very high level and at a very detailed level. If you are only comfortable with one of the two, you will drown one way or another.
Buying a property that has already been “developed” is also key. Because my property had a house on it when I bought it, I was able to rent it out while we worked on the permit, and it saved me about $66,000 in school fees and Mello Roos-type fees as well. Again – not a typo. $66,000. I think it also saves on utility infrastructure costs, as well. $4500 for water, probably $10K for electric, etc. ALso, we were able to finance the purchase as a normal mortgage instead of a land purchase.
Also critical is understanding that interest is a real, hard cost and along with “patience” comes the ability to afford to be patient.
