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Updated almost 11 years ago,
Find 1% rule properties in Manhattan with 15% broker fee
BPers,
Wanted to touch on the broker fee issue. Just moved to NYC and was planning to buy an investment property in the near term 6-12 months. I have my IRR models based off of a previous city that has significantly lower broker fees and I was wondering if anybody has had any luck finding reduced fee brokers in Manhattan or has even found a way to avoid them altogether and just use a Real Estate lawyer to run paperwork back and forth. I can't seem to make the numbers work with such a high capital expense right off the bat in year 0. I don't have real estate license so my access to MLS would be minimal.
Thoughts and suggestions??
Brendan