Why did I start out land investing in Elko County, Nevada?
This is one of the parcels I own, and most likely one I'll be keeping in my portfolio. Here's a link to some drone footage: https://www.youtube.com/watch?v=mJSjOckWJ0A&ab_channel=QuestForLand
My Quest for Land brought me to Elko County, Nevada. There are 3007 counties in the US, so why did I choose this one? For one thing information is very accessible in Elko. I've researched some counties where you can't even find out how many acres a parcel is without calling the assessor. Elko county makes owning larger parcels of land easier through its zoning strategy. The Open Space District zoning (120/OS) is more restrictive on what can be done to the land without prior permission in terms of improvements, which keeps the cost per acre significantly lower than the other agricultural districts that by default allow the building of homes (src:https://codelibrary.amlegal.com/codes/elkocountynv/latest/elkocounty_nv/0-0-0-1114). The 120/AR and 120/A districts cost 2-3 times more per acre, but allow you to build a home by default. Because of this, the Open Spaces parcels are perfect for pure investment, recreational, and agricultural purposes. The taxes on land in Elko county are also very low, where a 10-acre parcel will set you back about $15/year. It's high desert, so you won't get many trees, just wide open spaces and majestic landscapes. The population of Elko County clocks in at just over 50 thousand. Consuming an area of around 17,000 square miles in northeast Nevada, it has a very low population density. It's actually the fourth largest county in the United States. If you want to disappear, this just might be the place for you. Though it is large in terms of land mass, Elko has a limited supply of land available. This is because the federal and state governments both own a large percentage of the land. These public lands are interspersed with private lands in a checkerboard pattern. This means you can buy 10 acres of private land, and have direct access to up to 1280 acres of public land. You can't build on public lands, but you can certainly use it for recreational purposes, such as camping, hunting, fishing, etc. Being a high desert, the climate in Elko county ranges from cold winters to hot summers. It supports a large range of wildlife including mule deer, antelope, elk, mountain lion, coyote, and golden eagle. It's located relatively close to Salt Lake City, Utah, and Twin Falls, Idaho. Many people from these areas own land here and use it for camping and recreation.
Elko won't be the last place I buy land, but it's been a great county to cut my teeth on.
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How much did ya pay? All land sales are public record anyways, right?
About 25 to 30 cents on the dollar in terms of retail. Low enough I can still wholesale them if I want to. These particular parcels go from $750-$1000/acre.
Decent price!
And you did all that online without visiting the place I am guessing. Cool Stuff!
Yup, I just pull a CSV list of land owners in the county manually or via DataTree, upload it to Lob, and it sends out a mass of snail mail offers. If they accept, I do some DD, they deed it to me, I file it with the county via Simplifile, and mail them a check.
Do you go physically to shoot these drone videos ? It would be nice to add some sound describing the place to the video.
No sir, I paid someone to go out there. I do agree narration is always nice.
@joshman
Believe you me, I have enough virtual and digital shit. I need more physical shit!
Sounds nice! Smart. Land is like Bitcoin. They ain’t makin’ more.
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Yup, fixed supply. Rich people are buying up all of the larger plots.
Yes and no. If you can buy them low enough, you can flip the ones you don't want to keep.