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Vacant land can seem like a more affordable way to increase your investment portfolio and has been used successfully by some investors, but it's not without risks. We all know that land appreciates and buildings depreciate. So common sense says that buying a vacant plot of land is a sure fire way to make money. While you can certainly make some good money, it's not always the case so you must tread carefully.
from: http://ezinearticles.com/?Investing-in-Vacant-Land&id=6742814

