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Land — usually the wrong category

Land has no income, has carrying cost (property tax), and is the most illiquid form of real estate. For most individual investors, land is the wrong category. Narrow exceptions: lot for your own future home, agricultural land managed by a farm operator, recreational land for personal use.

The fundamental problem with land as an investment is that it doesn't pay. Property tax accrues; insurance and maintenance accrue; you have nothing covering them. Appreciation has to do all the work, and the timing is unknowable.

"Land in the path of growth" can work but requires a very long horizon (10–25 years), specific local knowledge, and substantial reserves to ride out the dead years. Most investors who try this stop too early or are forced to sell at the wrong time.

Agricultural land leased to a farm operator can produce 3–5% yields plus appreciation, and is a genuine income asset. Recreational land for personal use is a lifestyle purchase — accept the financial return will be poor and budget the carry as a hobby cost, not an investment expense.

#land#speculation