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Reviewed by Ronald * Starr, experienced real estate investor.
This seems to me to be a very good book. First: while I have some land investments, I am not a land investment specialist, so I can not evaluate the quality of the opinions and techniques recommended in this book. However, I have invested in real estate for about 25 years. I could find only a couple of things with which I disagree with the author, Robert J. Abalos. And those are on theoretical matters of how to look at investing, not the specific techniques and approaches he advocates.
This is not a "rah-rah" book, trying to motivate you, as you will find in other, well-known authors' writings, such as those of Robert Allen, Robert Kiyosaki, or Carleton Sheets. The writer does not promise quick profits, as is all too commonly done by many other authors of real estate investing materials. For instance, Abalos, recommends spending two years studying the land marketplace and dynamics where you invest. This is similar to my recommendation that real estate investors expect to spend 6-18 months studying real estate investing and their choosen marketplace before putting any money into real estate.
The main theme is to be selective in what to buy, pay less than market value, and then resale as soon as possible for a profit. I call this "real estate merchandising," as opposed to real estate investing, which is long-term holdings. There is some discussion of holding vacant land properties and of developing properties. Mr. Abalos' general suggestion is "don't," leave it to others, such as your buyers. He indicates that carefully done, land investing can provide very handsome profits in a few months. However, it can take years to become financially independent, a sentiment with which I concur.
The writing is clear and easy to read. I found a modest number of typographical and grammatical errors, which I judge do not detract from reading the text. Some sections were praiseworthyly error-free. There are some brief accounts of actual investments and investing situations. I would have enjoyed more concrete examples and would have preferred some longer case studies of specific deals. I would also prefer to have more very detailed explanations of how to deal with the problems, issues, and difficulties one could run into. However, Investing in Land provides far more than just generalities. It does offer advice on major issues of investing and alternatives to make profits. I feel there is enough information for a self-starter to go out and get started on this approach to investing.
On a five-point scale, I'd rate this book, "Investing in Land," by Robert J. Abalos, Esq., at 4.5. Amazon limits us to full-point ratings.
Besides the book, you're also getting access to the author who can be reached by email and responses typically come back within half a day. You can't beat that!! Now that's leveraging!!
Having invested in over 100 residential and a few commercial properties during my 11+ years in the business, I was looking for a way to become specifically involved in land acquisition and resale. Investing In Land was a perfect fit because I was enlightened to many ideas that I have subsequently used as a result of my reading.
In fact, I'm certain that by following Mr. Abalos's advice regarding seller financing I have saved at least tens of thousands of dollars, if not more, in just the past few months alone. I especially enjoyed his advice on how to approach properties with title defects; I agree that problem properties often yield the highest returns. This book is worth many times it's cost, as are all good investment books that help you profit. I recommend it highly.
The book assumes the reader has no experience in land development and walks him through the process, pointing out the dos and don'ts, pitfalls and opportunities along the way -- everything from what kind of land to look for to how to recover your profit in the shortest amount of time.
But it is not just for beginners. I gave a copy to a good friend who has been a very successful full-time land developer for many years, and he even learned some new things from it.
The author is most definitely NOT a get-rich-quick salesman. He says the worst thing you can do is to rush into land development, and recommends that you spend a year just getting to know your market! That's sound advice and unfortunately all-too-rare in this age of infomercial dream-sellers who prey on peoples' greed.
He knows what he's talking about from first-hand experience as a land developer and a real estate and securities attorney. According to his bio he graduated from Boston College Law School and was a former real estate securities analyst with the international investment banking firm Morgan Stanley in New York City specializing in the formation and management of real estate investment trusts ("REITs") and the pooling of mortgage-backed securities like REMICs.
Most importantly, Abalos is an active land developer. He has earned the right to teach the subject.
If you are a beginner, I can think of no better way to get started than by reading "Investing In Land." If you are a pro, you already know much of this but you will probably pick up some new ideas.
Oxygen is a very toxic gas and an extreme fire hazard. It is fatal in
concentrations of as little as 0.000001 p.p.m. Humans exposed to the
oxygen concentrations die within a few minutes. Symptoms resemble very
much those of cyanide poisoning (blue face, etc.). In higher
concentrations, e.g. 20%, the toxic effect is somewhat delayed and it
takes about 2.5 billion inhalations before death takes place. The reason
for the delay is the difference in the mechanism of the toxic effect of
oxygen in 20% concentration. It apparently contributes to a complex
process called aging, of which very little is known, except that it is
always fatal.
However, the main disadvantage of the 20% oxygen concentration is in the
fact it is habit forming. The first inhalation (occurring at birth) is
sufficient to make oxygen addiction permanent. After that, any
considerable decrease in the daily oxygen doses results in death with
symptoms resembling those of cyanide poisoning.
Oxygen is an extreme fire hazard. All of the fires that were reported in
the continental U.S. for the period of the past 25 years were found to be
due to the presence of this gas in the atmosphere surrounding the buildings
in question.
Oxygen is especially dangerous because it is odorless, colorless and
tasteless, so that its presence can not be readily detected until it is
too late.
-- Chemical & Engineering News February 6, 1956
Utility is when you have one telephone, luxury is when you have two,
opulence is when you have three -- and paradise is when you have none.
-- Doug Larson
