Land For Sale In NY Need Help
Hello,
There is some land for sale in Queens, NY.
How do I find out if the price the seller wants is an invesment or not?
The land is 50 x 118 in a busy residential area. The owner wants $750,000.
I want to know if it is an investment before I present it to investors, I do not want to waste their time.
- Shamika
Go to a Realtor in the area and ask what is on the market and what similar property has sold for recently (comps). If it is far below the competition, then it has investment potential.
Chris
right now land is more valueable then homes in queens 750 seems like a good price depending on the area i would build 2 two family houses and sell them for over a mil a piece but check the comps in your area
Why not write the selling price for 45K and get the seller to give a credit of $5K back to the buyer for closing costs?This way everythinbg is disclosed on the HUD-1 and is above board.
JS
So credit the 3% for closing and the balance for repairs.
Hmmm, so all details of the sale do not need to be on the HUD-1 or disclosed to the lender?
[ Edited by jimandlacy on Date 04/01/2007 ]
Hi, for hard money loans it depends on the individual lender. Just ask them what they need. Moany do not care about credit or really anything otherthan property value. Some do though, but they will tell you up front.
Also you can do a no doc loan with regular lenders. Youdont have to go hard money. Hard money is the most expensive way to go, and your LTV is typcailly 65-70% of fixed value. Regular lenders depending on your credit score that do no docs will give you 100% if the property is in livable shape with no major repairs.
You can email me is you need more info on loans, I am a mtg broker.