I have been looking into to wholesaling in New York City and I am not too sure if it is possible. Are there any wholesalers in this area that are willing to lend some tips?
I am a real estate agent in NYC. It is not impossible but the problem is u need someone with deep pockets because most property owners want cash. so in NYC especially the outer Boros you might find something but it may require your buyer spending close to $200,000 in cash. Because the resale value here is so high (ex. $400,000). Then you have to factor in the rehab cost as well and the politics with the buildings department as far as inspections go. If I had to choose a boro, it would be the Bronx. But otherwise I would look at Orange County.
Hi Givanne, there are other ways to take advantage of your high priced market. I am taking another approach away from the highly competitive techniques most new to RE investing take. Hit me up and we can talk.
Thank You @Ken Rigby