Hi all,
My question is: have any of you done a wholesale deal in Manhattan or the greater NYC area? If so, could you describe your experience in a few succinct sentences. I suspect it’s much more difficult to flip in NYC compared to tertiary markets, unless you have substantial amount of cash on hand.
Any comment is greatly appreciated!
Hey NYC,
ok, this is just my opinion, and I’m nothing but a noob, so please keep that in mind.
Now, I personally think that the principles are universal. While the numbers may change, the principles will remain the same. In other words, a great deal will always be a great deal. And great deals are usually calculated in terms of percentages. So, if people are buying, and you find a deal that you are able to negotiate to purchase at 70% or less of as-is value, that’s is a good deal.
When I first attempted to start my investing, I was in an area where the median home cost was $500,000. The large numbers scared me. But, I didn’t realize that people were still buying and still selling. I realize now that if i were able to lock up a deal to purchase a $500,000 house for $400,000, I could easily have sold that to someone else.
One important cautionary point, be sure to stick to your principles. It is very easy to get lost and forget the principles and find a “good deal” that isn’t actually a good deal. I was fortunate to find this out before I got stuck having to follow through on a purchase.
Good luck!
The good thing about living in the area that your located is there is plenty of money and plenty of spread that can be created because of the home values. Just dont let the numbers scare you. You should do fine. :beer