Getting started in NYC

[SummerDay]

..

[AIR]

North Jersey is a great market

[Debbie]

North Jersey is a great market

It is???? :SM032:

In the last 6 years, you're the only one who ever stated that New Jersey is a great market.....

[AIR]

are you insane, do you know how many people want to live in North Jersey who work in NYC

[Debbie]

are you insane, do you know how many people want to live in North Jersey who work in NYC

Nope. We're not insane.

While it may be true that people want to live in New Jersey, it certainly not a wonderful place for investors to buy properties for cashflow purposes. Not to mention Landlord/tenant laws....

[Debbie]

If I recall correctly, Tommy (OH) lived in New York City and did invest there.

Check with Tommy(OH) about it....

[Debbie]

I would love to talk to him if you can introduce him to me.

Are you sure it's "Tommy(OH)"?

Yep!

We chatted on the Magic Bullets chat room weekly and I'm 75% certain he said that he lived in NYC prior to moving to Ohio.

I'll send him an email and have him to respond here.

[TommyOH]

Hi swirlaze,

Yes, I am originally from New York. Unfortunately, I am from upstate, near Albany. I have bought and sold 32 property's in Upstate NY. I'm sure that about the only difference is the price of real estate down there. All of the methods we discuss here can work in NYC, it's just bigger numbers.

I started out buying tax deed property's. Then I went to HUD and FannieMae. That was years ago though, when they were more easy to work with. I'd be glad to help out in any way with any specific questions you have.

[cserviss]

Swirlaze

Nice to meet you. I'm in Orange County NY, which about 60 miles north of NYC. Prices here are much lower than NYC. The median sales price is about $312,000. I also work Dutchess, Sullivan, and parts of Ulster County.

I think wholesaling, subject-to or lease options are the right way to go when you first start out. The rental market here is decent, although the landlord tenant laws are definately stacked in the tenants favor.

There are definately deals here to be found, not neccesarily in the price range that you are looking for (possibly Sullivan county).
The key here as with anywhere is marketing to find motivated sellers and marketing to create a buyers list.

I'm not sure how much cash you have to start, if any, but rehabbing is also a possibility. I know a few hard money lenders that fund in this area, some are easy to qualify with, while others want your life history.


I do a little bit of everything as far as investing strategy and technique goes. I do wholesale and rehab deal primarily though.

If you have any questions about the area let me know.

Also check out my website for examples of the marketing aspect.
www.homebuyersgroupny.com

[TommyOH]

swirlaze,
I do still have contacts upstate, including a brother who is a certified appraiser and part time flipper. I could definitely help you out better up there.

One thing to note is that even though prices are higher in the city, those million$ property's are bought and sold regularly, so don't be discouraged. You can get into some pretty nice pay days with those deals.

Welcome cserviss,
Orange and Sullivan Counties are beautiful in the spring and fall. I've been all over that area years ago. I bet much of it is different now though. Maybe you and swirlaze can hook up a bit and help each other out down there. Again, welcome to the fambly!

[Robert Burns]

There are two properties in uptown Manhattan that may suit you.
Been on the market and if you have access to cash could be yours in a week.
Want to take the "A" north to the last stop and take a look? Get into the last car
and get off at 207th Street. Just walk west for one block, it's on the corner.
The other property is a block away to the south west.

You'll definitely at least learn some of the ropes of the small deals
available in the city.

[TommyOH]

No, I never really considered investing in the city when I lived upstate. I was very busy upstate, and actually much like you I was intimidated by the big numbers. If I knew then, what i know now....

[Robert Burns]

There are two properties in uptown Manhattan that may suit you.
Been on the market and if you have access to cash could be yours in a week.
Want to take the "A" north to the last stop and take a look? Get into the last car
and get off at 207th Street. Just walk west for one block, it's on the corner.
The other property is a block away to the south west.

You'll definitely at least learn some of the ropes of the small deals
available in the city.

[Robert Burns]

The last car on the uptown A train to 207th Street.

About a million two should cover the deal on the corner property if not
less.

[Robert Burns]

I don't know how long you have lived in New York but a million two is
$1,200,000

[Robert Burns]

Not for an asking price.
That's where the story starts.

[TommyOH]

Robert, give him an idea of what it's actually worth. That may jog his senses a bit, unless that is what it's worth...lol.