Nyc! Advice on Flip/wholesaling/holding

[Ilya Presler]

Hey community, Im 23 years old and Just starting out in REI for about 4 months.. The first 3 months involved alot of researching, books and podcasts. Last month a partner and I got our first multi family unit. We are renting both units out to tenants. Realizing that NYC is a tough tough spot to do alot of flips mainly because the cash flow is so restricted on these high priced properties. Do any of you guys have any advice on the best way to tackle on the NYC market whether it be wholesaling, flipping, buying holding? Or any strategies as to how to do business out of state. Im just a beginner so i dont know how much trust i would have with an out of state property manager? All criticism and feedback/advice greatly appreciated !! Thank you Regards Ilya P

[Eric Li]

Hi Ilya,

I am a RE agent in Staten Island and investor myself.  Please contact me if you need any help. 

I think the market is very hot right now and its getting harder to do flipping. However, it will work if you could find some good deals by finding motivated seller, absentee owner, REO, estate sale, etc. In terms of buy and hold, there are still a lot of areas in Staten Island provide good return. Try look into Zip code 10304, 10310, 10303, 10302, 10301, etc. You could possibly find some good cash flowing properties in these areas if you are lucky 10305, 10314 (these are better areas). Good Luck!