Pisani and Pisani in their book How to be a Successful Developer, gave 3 principles in buying land. They are:
- Buy in an (geographical) area that is familiar to you.
- Always buy in the area of growth.
- Start small (try building 1, 2 or 3 single family homes).
By going through the process; you would have learnt invaluable lessons with lower risks and the opportunity to learn from mistakes.
We can use these 3 principles in other areas of our lives.
- Start in an area that you are familiar.
- Start in the direction that offers the best potential
- Start small.