Wholesaling in NYC?

Question

I just posted a topic on the Real Estate Agents forum asking about good Real Estate companies with good references. I was replied that wholesaling in NYC may not be realistic. Does or has anyone done wholesaling in NYC? Is it realistic?

From my experience if any state in this country experience people losing their homes or need of getting rid of their homes its NYC. I known many people who had to sell their homes or have lost it to foreclosure. It always on the news. Well I believe wholesaling in NYC is possible.

How does anyone feel about this?

Robert Mack · Answer

Here's a good article in this months Real Deal magazine.

http://ny.therealdeal.com/articles/buyers-use-classes-to-gain-an-edge

They give information on seminars that Propertyshark.com is giving for investors, brokers and other RE professionals.  There are some other interesting articles in the magazine too about education and short sales.

Robert Mack · Answer

Here is a Brooklyn blog brownstoner.com ->  the Renovation section

http://www.brownstoner.com/renoblogs/

Robert Mack · Answer

I didn't mean to discourage you, but I believe that wholesaling, and/or flipping is harder in NYC, but it also depends on what borough you want to do this in.  
There are many laws you need to be aware of when wholesaling/flipping  in NYC.  Even if you are wholesaling you need to know the potential roadblocks for completing a flip, so that you know if it will be worthwhile for a flipper to take on the job...

You need to make sure the property is not in a historic district or is not landmarked, if it is, good luck trying to get permits and permission to change anything on the building.

You also need to be aware of the zoning, the current FAR and the max FAR and if they are in a special district which limits height, or anything else.
To learn about zoning and FAR etc. go to the City Planning website.  You can get a zoning book, I call it the Idiots guide to zoning, its $24 at their office downtown.

With all the recent construction accidents, the DOB is under pressure to make construction sites more safe, so it might be harder to get permits or they might be giving out more work order stoppages...

Also read those blogs I posted in the other post, and find blogs for the other boroughs too, they have interesting information sometimes about new houses for sale etc...

As for foreclosures here is an article from the Observer..

http://www.observer.com/2008/new-york-foreclosures-way-were-still-no-l

"In New York City, with its over three million households, the 918 new foreclosures affected 0.030 percent of households. (Take away Queens, which accounted for well over half of the new foreclosures, and the percentage would be much lower.) In L.A. and Miami-Dade, the foreclosures affected over 0.28 percent of households."

Try using Google, for your search on foreclosures in NYC, or for any search you do, it brings up a ton of information.