Are you a real estate investor? Do you want to become a real estate investor? If you are looking for clever ways to buy cheap land in New York, NY, read on.
We’ve collected some of the best tips we have learned to help you maximize your efforts to take advantage of the real estate opportunities out there.
Clever Ways to Buy Cheap Land In New York, NY
Look at the following tips for buying cheap land in New York, NY and see how your investment portfolio can grow.
- Locate a deal you want to invest in, then find a partner to put up the cash. There are many different types of partnerships. When it comes to real estate, you can sometimes locate a partner who is willing to let you do the legwork of finding a good investment and they will put up the money to close the deal. This way, you will not have to come up with the cash yourself. The key to making this work is to find a real estate investment partner who has a good amount of capital to invest. Then sign a contract allowing you and the partner to split the profit.
- Look for fire sales. If you want to find a sweet real estate investment deal, look for fire sales. Fire sales are fast sales that usually happen overnight. They involve property owners who need to sell fast and who are willing to sell their land very cheap (usually below market value). You can find these sellers among the real estate ads online or in New York newspapers. Keep in mind that the term, “fire sale” originally refers to goods or homes that were damaged by fire, though this term is used more loosely to include any fast sale today.
- Use a credit card. If you find a good deal on cheap land that you want to purchase, you can use a credit card with a high credit limit for the purchase. Just keep in mind that you need to factor in the high-interest rate of the card to determine your potential profits. This can be slightly risky, so be careful.
- Offer a deal other than cash. If you want to be a successful real estate investor, sometimes it just takes thinking outside the box. If you can find a seller who has a lot of credit card debt or other loans they need to pay off, offer to pay off their debt in return for the deed to the house rather than offering cash. You’d be surprised at the response when you offer to free the seller of their debt in exchange for freedom from debt.
- Go to estate auctions. Estate auctions feature many cheap land investment opportunities that are little known to others. Even real estate companies sometimes do not have access to some of the properties that you might be able to grab at estate auctions. Many estate auctions sell the contents of the house only. But if the estate also owns parcels of land, you may be able to get a great deal. Estate auctions can be found online or the local classifieds section of the newspaper.