Investor · Brooklyn, NY · Member since 2015 · 7 posts · 1 vote
Hi Guys,
I just joined on with M and L Real Property Consultants a small group of Real Estate Investors in New York City. The company only acquires Condo's or apartment building in Manhattan to either flip or hold long term depending on the asset and the return being brought in by the acquisition.
I hope to be able to share some of my knowledge with the bigger pockets community and build a strong network around the country.
Flipper · New York City, NY · Member since 2015 · 20 posts · 5 votes
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Lee:
We have an ongoing pipeline of commercial deals in NYC. Please let me know the acquisition criteria in a little more detail so that I can see whether we can assist your group with acquisitions.
Bronx, NY · Member since 2015 · 151 posts · 54 votes
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Hi @Lee Serel welcome to the site. Great place for amazing resources glad to see you are willing to share some of your experience. I love to see people from my local market.
Investor · Brooklyn, NY · Member since 2015 · 7 posts · 1 vote
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Thanks for the warm welcome guys!
@Robert Politzer our company looks to buy properties up to 8M right now and specifically looks for an annual cap rate of 4-5% and will work anywhere in Manhattan outside of battery park. Most of our deals are through foreclosures and are looking for returns in line with what we receive at the auction house.
@Brian Whelan We target the entire Island of Manhattan, except Battery Park, and our main goal is to find motivated sellers and add equity to any acquisition we purchase or if possible to acquire properties at a discount.
Rental Property Investor · San Francisco, CA · Member since 2013 · 1k+ posts · 1k+ votes
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@Lee Serel do you guys look for value added plays? Curious what kind of buy/hold deals you guys did besides just buying distressed at a discount
Also do you guys buy 2-4's for buy/hold? I'm just wondering if any of them pencil out. Here in SF everything has gone up a lot since 2012, so you really have to be innovative to get deals to work as buy/holds.
Be curious about your firms' success in these realms. Thx.