Hi @Durrell Lebrun , you aren't the only one that feels like you are between a rock and a hard place. I am in the Bronx and will hopefully invest in Buy and hold properties but the prices are surely a huge barrier for entry.
I have had to expand the area that I look at to find homes that I would be interested in, you may want to considering expanding into Northern Jersey or southern CT. I recently signed up for Meetup.com and you may want to consider signing for some REI clubs that might help you network. I don't think its impossible to do what we are looking to do but it surely is easy to make it just another excuse. But let's not let this beat us down!!!! Persistence is what will help you persevere.
There is a BP meetup that @Darren Sager has set up this month which may be a good start.
Keep looking around the forums @Durrell Lebrun there are a few investors in NYC, @libby tucker has a thread up about NYC and it's pretty good
Its certainly not impossible to get started here. There are so many deals in NYC its crazy. I would certainly love to talk with you more but consider a few things. #1 To be a good wholesaler in NYC you really need to understand the financials and what constitutes a good deal. #2 Almost all of the good deals in NYC are off market. #3 there is no substitute in this market for good old fashioned door knocking. Finding the investors is actually the easy part here, finding the right deal on the other hand is much much harder.
I have been looking in the Bronx for a multifamily. I was interested in Morris Park and maybe Pelham Bay and Country Club. Are you familiar with these areas? What do you think of them?
Welcome to the BP community. You will find a lot of good information here. Make sure to view the BP blogs under "Learn."
That's the same strategy I have been looking at. From those three area Country Cub is by far the most expensive. Pelham bay has buses. and Morris Park can be hit or miss. The thing with the Bronx is that it truly varies block by block.
I have looked on redfin.com and don't see much for under $300k that doesn't need work.
I will admit I have not done any performance measures or studies, I will tell you there is a meetup club for Bronx investors. Join there. I'm hopefully going to attend these sessions to get to know other investors that are in the Bronx.
has done well in NYC.
I look at NYC RE but have not found much that met my return goals. I do own one unit in Brooklyn that I bought long ago.
Welcome! Have you purchased a primary? You could maybe start there with a multi-family and an FHA mortgage.
@Durrell Lebrun Welcome to BP.
While you won't find many active wholesalers in NYC like you may in other cities, there are definitely flippers. The main thing is that it requires a much bigger buy-in here than other places. However, if you keep searching and going to meet-ups, you will come across people who will clue you in on what you're looking for. There's a BP meet-up in the city in the next week or so too. Check your email for the details.
I am another New Yorker looking to invest in Buy & Hold here- thanks for the info above!