NYC flips for under 100K. Possible or not?
Hi all,
I'm new to the fold here at BP but I'm really enthusiastic about starting, if I can. I live in NYC where home prices won't allow me to buy anything for less than 100K-200K, and I definitely don't make enough money to make that monthly mortgage payment. I'm looking in other areas such as CT, PA, NJ, but my business partner is adamant that we stay close to home and close to where we can manage the rehab when it is complete (we plan on buying a multi-family first and then single families later).
I just wanted to throw the question out there to experienced folks that have done these deals in areas where the home prices are not affordable. Is it worth it to drive 1.5hr to another county/city and rehab there? It's different states too, so the building department rules must be different.
Thanks for your thoughts in advance!
Zennia