I’m still a bit skittish (maybe pushing perfectionist) when it comes to sending mail. I was inches away from mailing a county. Recent completed sales are decent, DOM not too long, etc. etc. Everything is good about it..Then, I took a quick moment to visually peruse the area in Google Earth, and noticed it’s completely riddled with oil pads and rigs!!
Should I run away from the oil rigs? Intuitively, it seems to me the oil pads would negatively affect value. Yet, the county meets basically every other criteria that matters.
Have any of you guys had success in and around oil rigs? Should I be turned off by them?
I would think this is a very blatant reason to run away. I suspect land you are looking at is either in NM or TX. I suspect that much of this land is either owned by large corporations or by old (family) money that is never going to depart with it and will simply pass it along to future generations.
Think about it…..land that spits out cashflow every month is probably NOT unwanted land. You would probably need to approach these parcels from a commercial perspective like Multi-family property.