INVESTMENT STRATEGY: VACANT LOTS
How I Turned $500 into a Real Estate Fortune! FOCUSING ON QUARTER-ACRE VACANT LOTS IN RESORT COMMUNITIES WAS THE GAME-CHANGER. MICHAEL POGGI
W hen I started out over 20 years ago, I had just $500 to invest. But I quickly realized I could parlay that modest sum into controlling properties worth far more.
to grow my portfolio substantially quickly and become a passive income earner every month tax-free—and I didn’t need a fortune to start building wealth through real estate.
of $500 and pay them the difference (the $4,500) over five years. When a seller hears that, the first thing they say is, “No, I need to have all my money right now, up front.” They all say that, and that's OK. But the truth is not all of them need the money “right now” because they're already successful and wealthy. They can take payments. After calling 10 or 12 sellers, I found one willing to sell the lot on terms, meaning I was able to buy a lot for $5,000 with a $500 down payment and owing the seller $4,500 for five years. I paid the seller around $200 a month, essentially with the seller as my
Here are the details of how I made this strategy work.
How?
I called sellers of vacant lots worth below $10,000 that were in cheap, newer resort communities with lakes, golf courses, and other amenities. The subdivisions were about 5% built out. In other words, about 5% of the homes were already completed. When I called the sellers, I offered to buy their lot for $5,000 with a down payment
By focusing on inexpensive quarter-acre buildable vacant lots in fast-growing resort communities.
THE DETAILS
Vacant lots in planned fast-growing resort communities are one of the safest and most profitable investments. I was able
36 | think realty magazine :: january – february 2024
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