Interested in getting a great deal on a New York State land? Working with the right land wholesaler can save you thousands on your real estate purchases! In this article, we will discuss 5 things to know about buying wholesale land in New York State
Buying vacant land at wholesale prices in New York State can be uncomplicated and profitable as well, but there are also a few things you should be aware of. Below, we discuss what you can expect and what you should look for when buying wholesale land in New York State or the surrounding areas.
Why New York State is Good for Buying Wholesale Land?
The ownership of lucrative land can be an investor or future homeowner’s dream come true. The current situation of New York State after the pandemic is a little nervous but still, the closed year-to-year sales are increased by 12.2% and pending sale is burst to +49.3% in September 2020.
As per the New York State Association of REALTORS® housing report, released on October 22, 2020 “The market is showing strong buyer activity continues to be hot as the winter approaches”
The surged sales are clearly the result of months of lockdown, but the overall market is quite profitable. That is the reason, the median sales price is up by +17.5% to $309,175, including that the average price is increased by +18.2% to $432,547.
It seems to be a great idea to invest in New York State real estate market. The inventory of homes for sale is predicted to be high in 2021 because 2020 affected the seller activity of the market and land for sale typically follows suit.
1. Look out for the Perfect Land Wholesaler
There are all kinds of people who claim to offer New York State real estate at wholesale prices. While some know what they are doing and have the experience to back it up, others are new to the game and are just looking to make a quick buck.
At Surplus Asset Specialists Inc. we strive to get to know our clients and understand their selling goals. We’ll work with you, finding the properties you are looking to flip or add to your portfolio. You won’t be hit with unexpected fees or costs at any time during the process.
2. Inspect the Property by Yourself
When making any real estate investment, you’ll need to do your due diligence. Has an inspection done or perform one yourself as long as you know what to look for? The inspection should cover all major components of the property. Anything your inspector is unsure about should be handled by a specialist.
Remember, your inspector can typically only inspect what they can see and what their tools will allow for. In some instances, a second opinion is needed! From there, get estimates from local contractors as to how much the construction will cost you. By performing the inspection up front, you won’t have to worry about unseen setbacks down the road. You’ll be able to know what to expect and how to budget accordingly.
3. Get Multiple Comps to Realize the Market Strength
Many times, wholesalers will shoot out numbers based on their estimates. While these estimates can be educated, it is ultimately up to you to decide if you are receiving a good deal or not.
Your land wholesaler will likely provide you with some comps and market information, however, it doesn’t hurt to find some of your own. Try to get 3 solid comps for your prospective property both before and after the repairs are made.
4. Check the Title and Wait for the Opportunity
It’s a great potential to hire a professional company to perform a title search before making your purchase. You don’t want to find out after the fact that liens are affecting the property.
Some investors will rush into purchasing a wholesale property from an inexperienced wholesaler, not realizing the property also comes with a cloudy title! Just like when buying a house from a private buyer, it’s important to do your due diligence and your homework before signing a contract to buy!
The core of a successful deal is to evaluate the critical and thorough information about the property. It includes the status of the property; whether it is rental, vacant, or owner-occupied, and the situation of the seller. This type of specializations can be done by employing professional land wholesalers.
5. Choose the Best Land Wholesaler in the New York State
When you work with the right land wholesaler in New York State, you’ll be able to avoid the legwork and negotiations involved when trying to find these deals yourself. When you find the right one, you will build a rapport and relationship. They’ll know what to look for and you will know the quality of properties you can expect from them.
We are very experienced in buying and selling land in the New York State area, and we know how to find and obtain the best deals out there.
- We always tend to seek potential deals that can provide enough profit
- Our networking system is wide and efficient over the New York State
- We know thoroughly about the market, how to find sellers, and the estimated investments
Additionally, we keep the essence of evaluating the land and negotiate sellers with the right price. Once you registered on our website; we are obliged to notify you through email whenever we obtain new properties.
Buying a house from a land wholesaler can provide you with the profits you want to see from your New York State investment property!