Land Boss: We buy land fast in Illinois, which is home to rich farmland, pristine forests and vast natural beauty making it a lucrative real estate investment state. The Land of Lincoln’s top soybean and corn producers anchor the state’s economy with agricultural land parcels typically selling for $7,500-$12,000 per acre. But absentee land owners can also find lucrative investments in rural residential acreage and commercial property near cities.

However, buying or selling land requires a level of expertise that novices often lack. Land deals can quickly turn into nightmares when land investors or sellers do not follow best practices in terms of vetting, inspections, contract and closing preparations. It is recommended to work with professionals like lawyers, real estate agents and environmental consultants to avoid costly missteps.

Land Boss: Fast Cash Land Buyers in Illinois

One such misstep occurred when Cook County land bank Executive Director Dan Rose made a deal to buy a South Side building owned by a staffer for Ald. Carrie Austin (34th) with the intent of wiping out tens of thousands in unpaid property taxes, penalties and interest. The deal prompted Cook County Board President Toni Preckwinkle to launch two reviews of the agency’s actions.

Other issues include the state’s high property tax rates which reduce investor returns and create financial uncertainty for potential home buyers. Illinois also has a history of coal mining, steel production and chemical plant operations which could cause soil contamination. A thorough environmental evaluation is needed prior to purchasing land in the state. Also, the state is prone to flooding, tornadoes and snowstorms which can damage buildings or land.