Posted by Brent_IL on September 03, 2003 at 14:44:23:
I don’t know about vacant lots. I’d start with the MLS. At times there are double lots for sale at less than double pricing. These lots can be surveyed and split. Some of the double lots have houses sitting on them. Buy the house and get a lot for free.
Another way is to sub-divide, but this is a specialty in itself.
One more caveat. In an earlier time, I bought and sold RE in my own name, so I would show up in the chain of title. The land that was conveyed with some of these houses consisted of two lots having two deeds and two parcel numbers. In certain cases, the vacant lot was too small to meet the setbacks for new construction, so it was almost valueless. If the subsequent buyers were smart, they would stop paying taxes on the vacant land. They retained the use of the land because there were no fences between the boundaries. The tax lien was sold at auction. I received many letters from folks who bought the liens and mailed to ex-owners. They were willing to sell for less than they paid for the lien because all they had was land that could not be built upon that few others wanted.
Be careful to buy what you really want. `