Thinking of buying in New York

[Keith Tarasiewicz]

Hello Bigger Pockets community!

My company is thinking of opening up New York for residential (SFR, townhouse and condo) acquisitions. For those investors with multi-state acquisition experience, how difficult is it to do transactions in this state compared to others you are investing in? We currently have success buying in Pennsylvania, Connecticut, Maryland, Virginia, D.C. and Massachusetts. I've heard there can be a lot of red tape to deal with but wondering if that's limited to just New York City. Happy to connect offline to discuss. Thanks in advance!

Keith

[Keith Tarasiewicz]

Quote from @Abel Curiel:

Hello @Keith Tarasiewicz!

The State of New York is an attorney state so there is an added layer to RE transactions that does not exist in non-attorney states.

All sales contracts have to go through both a buyer and seller attorney. If the purchase in question is a Co-op apartment, there is also a Co-op attorney involved in the deal.

I'd say, that is the first layer of red tape.

Depending on the property type and deal, the other red tape here pertains to zoning, permits, land use, environmental regulations, rent regulation i.e. rent control, rent stabilization, etc. to name a few.

Wishing your company continued success as you look to expand!

Abel

 Hi Abel,

Thanks for the insights! Our company model consists of wholesaling and short-term flips. We're in and out of projects in 3-6 months, sometimes less, seldom more. Do you know of any other investors that have had success in the state?

Best,

Keith