All Forum Posts by: Lee Serel

Hi BP Community,

I currently have a few properties I am trying to flip in Manhattan, NY. I do not want to use an outside broker as I would rather take the 3% commission for myself, however I am not getting a lot of attention using my usual marketplace.

I was curious what other websites and marketing tools have you ladies and gents used in the past that helped you get attention on your properties on the market. I believe my issue might be the price I am advertising my properties for, however I have talked to brokers who said they could move my Real Estate at my price point. If they can do it I should be able to too. 

@Michele Foran The company I work for Invests strictly in Manhattan Real Estate. Our starting working capital was in the Multi Millions and it is hard to find deals, but they are there if you put in your due diligence. Right now we are finding fair value of most properties is around a 3% annual cap rate and since there are a lot of other investors in Manhattan it is hard to find equity on the table. If you search hard enough though you can find good deals and make money. 

We have made a significant profit this year through flips and found a great deal on a long term hold which we bought for a significant amount under fair market value. 

It is possible, just barriers to entry are just extremely high.

Good Luck!

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. 

@Bernard Klein Thanks!

@Angel Rosado Appreciate the advice brother!

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. 

If you have any questions about feel free to ask

Glad to be here,

Lee Serel

Thank you guys!

I will look into quick books and quick books classes.

title says it all. How do you track the your income / expenses for each individual property under your company? 

I can't help you on whole saling but I am having a lot of success investing in Manhattan real estate and if you have any properties in Manhattan feel free to send me deals to look at. Maybe I'll be able to buy you first wholesale deal.