LandInvestors.com Forums *New Member Introductions* Hello for outside NY

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    eric
    Participant
    Post count: 3

    Hi all,
    New to the land investors and researching the academy. Live outside NY in Westchester county.
    Doing some due diligence on requirements for a successful land trading business – re: capital and time. So lurking on Land Investors soaking up information.

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  • Kevin Farrell
    Moderator
    Post count: 1035
    ProAdvanced

    Eric – listen to all of the podcasts. All questions are answered there if you listen to them all. Cash Flow From Land Show with Jack and Jill. Good luck.

    eric
    Participant
    Post count: 3
    Pro

    Thank you Kevin, I’ve been working thru them.
    But I do have a few specific questions that I’ve seen alluded to, but not answered completely (or i couldn’t see answer because i’m not a pro). If you have any thoughts, I’d love to hear them.
    1) Insurance? Is there a liability policy that will cover the land while we own it? I saw a topic raised on getting a policy quoted for the group. But not sure where that is.
    2) Environmental issues. I’m guessing that people usually hire someone to go see the property and confirm it isn’t a dumping ground or worse. Is this correct?
    Unfortunately, each of these items can wipe out a lot of money – and wonder if this is a self insurance business or other methods are available.
    Thanks in advance for your thoughts.

    Kevin Farrell
    Moderator
    Post count: 1035
    ProAdvanced

    Eric

    1) A member on this forum offered to set up liability insurance through some source. You can use the search box to find that discussion. I do not personally have or need insurance. The risks are low and some of us protect our assets with multiple LLCs.

    2) yes, I have purchased land with a junk car on it. The buyer went out and told me about it right after he bought it. I offered to refund him $500 and suggested that if he can get a scrap yard to tow it away, they will probably take it for free. He said “Deal!” Yes it happens sometimes but not too often.

    There are a lot of risks in this business. Those risks are offset by profits that are 2X the purchase price or more. Keep learning and asking questions. You will be able to decide if it is right for you.

    eric
    Participant
    Post count: 3
    Pro

    Kevin, Thanks for the information. appreciate it

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