How do i go about wholesaling Vacant Land in NJ

Question

I received a call today from a motivated seller that has a vacant Lot. I never dealt with vacant lots before can somebody help me with steps to taking action? what do I do? what info do I need? HELP!

Jonathan Greene · Answer

@Renee Mills, to make your most on land deals you need to present a package for buyers to review to increase the ease of marketing the property. You need to know if water/power/sewer is already set with the city, you need to check the zoning requirements with the city and confirm them to know what can be built there. A residential lot is more marketable if you can get more units on it and that is what investors of builders will be looking for. A commercially zoned location could be worth more.

In terms of wholesaling, it will be hard to create a solid margin to make the numbers work for most land. The more research you have done, the more you can increase the spread on your end.

Renee Mills · Answer

Thanks Ibrahim and Chaz.  Who do I ask about the Oil Tank? What exactly do I ask the town beside is it a build able lot and lot size?

Ibrahim Hughes · Answer

Everything you would do if it was a house except now it's land. You want to check zoning laws with the town to make sure you can build a house that will represent the best use of the area ( ie land is in a zone that allows 2 families and there's a market there for 2 families). And you want to check the land for underground oil tanks.

How do i go about wholesaling Vacant Land in NJ

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