Wholesaling in NY, is it possible?

Question

I understand anything is possible, I know New York is one if the biggest most competitive cities out there.  I want to know if it is even worth pursing  wholesaling in New York (manhattan, Brooklyn, queens, Long Island).  Average house prices out here are Insane!  I was just looking for opinions, anyone with experience who has done real estate deals in New York.

Jennifer Chevez · Answer

@Chad Bernstein

Jennifer Chevez · Answer

@Chad Bernstein how have you found it wholesaling in NY? I see this post is about 2 years old, I am currently looking to get into wholesaling on Long Island and wanted to see how it's been working out for you.

Chad Bernstein · Answer

@Joel Owens Thank you for the advice.  It is true a deal is a deal and I know that in any market you can find them. @keithfrazier I would love to get together and talk about wholesaling in NY.  I will absolutely email you. @darrensager I really do feel it is like the wild wild west out here, Its just so funny because the sheer amount of real estate in NYC and Long Island is through the roof, but access to it seems like a club of its own at times.  Guys thank you so much for your responses I truly appricate you guys taking time out of your days, it means a lot to me.

Darren Sager · Answer

I refer to NYC as the "Wild West" of real estate because those who control the marketplace want to keep its exclusivity and prices high sort of like how DeBeer's does the same thing for the price of a diamond.  Its an artificial low supply and purposely no organization so it'll stay exclusive.   Most of all the best deals get done behind the scenes and never officially hit the market.  Because of this @Chad Bernstein you might have success at wholesaling there.   But keep this in mind, there are lots of realtors constantly out there trying to find places to sell as well so your competition will be higher.

Keith Frazier · Answer

Hey Chad,

Buying wholesale in NYC has always been a funny turn of phrase when speaking of our market. There are a number of bulk parcels of properties as well as single listings floating around out here that are worth looking at. The question is " What are you are looking for?" If you can address that question I may be able to lead you to a deal that makes sense to you. Send me an email if you are interested in working with me.

Joel Owens · Answer

I haven't completed anything in New York.

That said buy low and sell high in any market works whether you are talking a 10,000 house or a 10 million property. Every buyer wants a deal........ : )

So remember if you find the right properties at the right price for resale in any market then you are likely to find buyers running to purchase from you.

All the best.