Buying and Holding Undeveloped Land

[Kevin Wasserman]

Hello, I am new to the real-estate market and I'd like some input about my proposition. Currently I am looking at an undeveloped property in upstate NY to buy and use for leisure activities (camping and skiing). Besides just using the land as a private get-away, I'd like to plant ginseng in hopes that it too will grow with my land investment. 

There is one property I found online that is selling for a very reasonable price. It has been on the market for over two years and the price continues to slide down. I'd like to make a lowball offer (%50 of their original asking price) in hopes they'd accept. 

Is there any information or tips users had from buying vacant land?

Thank you!

[Andy Bauman]

Welcome Kevin!  I'm currently specializing in raw land.  Your question is a little open-ended and I don't know anything about ginseng, but here are a few comments:

• I know several other land sellers, if you'd like to give me some general guidance on what you are looking for (how much land, counties, location, etc...) I can check with them and see if they have anything that meets your needs.
• Even though you don't want to build on the lot now, keep in mind that somebody else may want to in the future.  Even if you decide to add a hunting lodge, etc... you may at least want a lot that can pass a perc test (so you can add a septic tank)
• Check for right-of way and easements on the property
• Another possible revenue stream could be the trees themselves.  If you find a lot with lots of mature trees you can get into an every other year type of thinning arrangement and generate revenue with the timber
• Check to see how much the lot is appraised for.  If the appraised value is overstated, which I see often in land, you may be able to challenge it and bring your taxes down

Hope some of this helps you!