Some of the top investors got where they are by thinking outside the box. By finding your own unique niche, you can reduce competition and become the leader in your area. In our latest post, we explore unconventional investment strategies for investors in New York!
Buying and Seling Land
You might have never thought a patch of dirt could put money in the bank, but it can. Land investment can be a low maintenance way to build and diversify your portfolio. There are many ways to make money using raw land. Some people will buy large parcels, then sub-divide the land selling the lots off individually. Others will buy land at very low prices from motivated sellers then sell the property to someone who wants to develop the lot. Still, others will buy and develop the land themselves. Raw land is an excellent and low-cost way to get involved in real estate investment in New York!
Flipping or Renting Mobile Homes
Buying and selling mobile homes is a great niche for the right person. You can typically start with very little cash, and soon turn it into a profitable business. It is important to learn about the market for these types of homes in your area. Mobile homes don’t always perform the way a single-family house would.
Owning A Mobile Home Park
A smart investor will see a plot of land and not just see dirt, but they will see the potential the land provides. One strategy we have seen is to buy a parcel of land and turn it into a mobile home park. You will collect monthly lot fees for people staying there, and will have very little overhead.
Buying Probate Estates
When someone passes away, the process of handling their home and property can be complex. Many times, the people who inherited the house might be willing to sell in exchange for you handling all the dirty work. You can network with probate attorneys to learn about any deals that are available. It’s not the right niche for everyone, but if you have a little patience and learn the process, it can be a very profitable way to invest.
Owning Vacation Rentals
With sites like Air B&B, homeowners are now able to quickly and easily market their homes to vacationers around the world. Many people are buying up homes solely for the purpose of offering them as short-term rentals. Often times the amount collected in a week can be comparable to the amount collected in a month with a long-term rental. Vacation rentals require more maintenance and cleaning, and often people won’t have the same level of respect for the property as they would their own home. But these negatives aside, owning a vacation rental can be a very lucrative investment when managed correctly.
Investing in Student Housing
As long as the college is open, students will need somewhere to live. Student housing typically has fewer frills and is rented at a lower price than an average single-family rental property. You should expect a bit more damage to the home and the need to paint and replace the carpets more frequently. However, with students in school year round, you can expect a lower turnover, ultimately saving you time and money in the long run.
There are many niche markets and unconventional investment strategies you can use to make money in New York. Sell Now Realty Group can help you weigh your options so you can discover what is right for you! Don’t settle for one property type until you learn about everything that is out there for you!